Superannuation is a specialised type of investment designed to help you accumulate a significant level of savings for your retirement.
To encourage you to save for retirement, the rules provide various tax concessions for super investments. For most people, these tax concessions make saving through super more tax-effective than saving outside it, which means their savings may grow faster.
Information in this document is based on current regulatory requirements and laws, as at 1 July 2020, which may be subject to change.
A testamentary trust is commonly used by estate planning lawyers to protect the assets and inheritance of the testator’s benefciaries from creditors, family law actions and providing flexibility in relation to the distribution of the estate.
There are limits on how much you can pay into your super fund each financial year without having to pay extra tax. These limits are called ‘contribution caps’.
