Often considered an essential pillar of wealth creation, a Superannuation Fund is a fund which ultimately establishes a regular pension or lump-sum payment upon the retirement of its members.
It is a form of trust fund and can in certain circumstances be structured in the form of a Self Managed Superannuation Fund.
In simple terms a “”superannuation fund” represents funds that are put aside over your working career in order to ensure there is sufficient capital for you to live on when you enter your retirement years.
In this regard, the sooner you start to save and the more “”pre and after tax” funds you are able to contribute, will have a direct impact on the capital available to you upon your retirement.
There are limitations around withdrawing your funds early but there are also significant advantages primarily in tax savings.
To learn more about SMSF matters visit the ATO’s website and contact us directly.