Supporting Superannuation on the Central Coast
Professional Team
Wide Service Range
Customer Service-focused
Offering Comprehensive Guidance
Dynamic Accounting Taxation Advisors provides comprehensive superannuation services for individuals and businesses across the Central Coast, including Gosford, Erina, Bateau Bay, Lisarow, The Entrance, Woy Woy, Wamberal and Kincumber.
Our services include guidance on contributions, compliance and tailored strategies to help clients maximise their retirement savings. With a focus on meeting regulatory requirements, we offer support designed to build a secure financial future.
Whether you’re managing a business’s superannuation obligations or planning for personal retirement, our team is here to help. Contact us on (02) 4385 7365 to discuss your superannuation needs.
Why Super Matters
Superannuation, or “super,” is Australia’s retirement savings system, designed to help individuals build financial security for retirement.
Employers are legally required to contribute a percentage of an employee’s earnings to a super fund of the employee’s choice. These funds are then invested and can grow over time. Individuals can also make additional voluntary contributions to boost their retirement savings.
Super funds typically offer various investment options, including shares, property and cash, potentially allowing individuals to choose a strategy that aligns with their risk tolerance and retirement goals.
Frequently Asked Questions
What is superannuation, and why is it important?
Superannuation is a mandatory retirement savings system in Australia, designed to provide financial security for individuals after they retire. Employers are required to contribute a percentage of an employee's earnings into a super fund, which is invested to grow over time.
Super can be essential as it helps individuals maintain their lifestyle and financial independence during retirement. It’s usually preserved until reaching preservation age, with funds available later in life. Managing superannuation carefully throughout one’s working life can be crucial for aiming to build a sustainable retirement income.
What are the main types of superannuation funds in Australia?
In Australia, there are several types of super funds: industry funds, retail funds, corporate funds, public sector funds and self-managed super funds (SMSFs).
Industry and retail funds are the most common and open to the public, while corporate funds are specific to employees of certain companies and public sector funds serve government employees. SMSFs are self-managed and may allow members full control over their investment decisions, but they require a strong understanding of superannuation laws and significant responsibility to manage compliance.
Each fund type has different fees, investment options and benefits, so it’s important to choose one that suits individual needs and preferences.
How can I check how much superannuation I have?
Individuals can check their superannuation balance through their super fund’s website or app by logging into their account. Additionally, the Australian Taxation Office (ATO) offers a “MyGov” service that links to the ATO, allowing people to view all their super accounts in one place. This tool also helps locate any “lost” or unclaimed superannuation accounts from previous jobs.
Regularly reviewing your super balance may be essential to ensure contributions are correct, track investment growth and consolidate multiple accounts if needed, which can help reduce fees and grow savings more effectively.
What is a Self-Managed Super Fund (SMSF), and how does it differ from other superannuation funds?
An SMSF is a self-managed super fund that can give individuals full control over their retirement savings. Unlike standard super funds managed by financial institutions, an SMSF is managed by its members, who also serve as trustees, making investment decisions themselves.
SMSFs can offer flexibility in investment choices, including property, shares and term deposits, but they come with higher responsibilities, including strict regulatory compliance, record-keeping and auditing requirements set by the ATO. SMSFs may be suitable for individuals with significant super balances who want to take a hands-on approach to their retirement savings, but they require time and dedication to manage effectively.
