Baby Boomers

Recent statistics released by the ATO showed that around 30% of SMSFs starting pension payments in 2010 were funds that were less than 2 years old.  This indicates that Baby Boomers approaching retirement wish to take more control of their superannuation wealth. 

One of the attractive features of a SMSF, is that a super fund that is in pension phase may receive a refund of any franking credits it receives on dividends from public companies.  These can be banked straight in the fund bank account.

Women in Business

More than a fifth of Australian women who own their own small business are not a member of any superannuation fund.  Research revealed there continues to be a low take up and support of superannuation by female business owners, with 53% not sorting out a plan for retirement.

Most small business must pay at least 9% of the earnings base to employees for superannuation.  Anyone running a business as a sole trader is not required to make any sort of payment towards their own superannuation.

The amount of super women have in their super fund for retirement is about half that of men.  The average female’s super fund sits at $150,000 and quite often much lower.  In NSW women make up about one-third of the 650,000 small businesses.  More women are leaving the corporate world to have children or for flexibility, starting up businesses but not thinking about their superannuation.

Superannuation is one of the most tax effective ways to save for your future, don't forget about it!

If you need some help setting up your SMSF contact Terry Dewing on 9526 1211 or terry@sullivandewing.com.au.