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Another option
to save for your retirement
Self-managed super funds (SMSFs) provide you with another option on how to save for your retirement. SMSFs aren’t for everyone as they’re more complex to manage and you shoauld speak with a 1st Street financial planner before deciding to set one up.
Setting up an SMSF is a major financial decision and you need time and financial skills to manage it. If you set up a SMSF you become a trustee of the fund. This means you’ll be responsible for managing your SMSF according to its trust deed and the laws and rules that apply to SMSF’s. The key principle is that you run your SMSF for the sole purpose of providing retirement benefits to fund members. Your investments must be separate from the personal and business affairs of fund members, including yourself.
Investing in your future
Superannuation, or super is a way to save money for your future. It is important to understand how much super you’ll need, and how best to manage the money for your retirement. Through super, you can hold a wide range of investments such as shares, property and cash.
Superannuation is attractive because it receives favourable tax treatment, both when you are working and once you are retired. Employers must pay superannuation contributions on behalf of their employees and you can also chooseto add money into superannuation out of your own pocket.
Why do it?
Superannuation is likely to become your 2nd biggest financial asset which help funds your retirement. As a guide, a “reasonably comfortable” lifestyle for a couple will require around $60,000 a year.
The Tax benefits include:
- Contributions made to super mat attract a tax deduction of tax offset.
- Investment earnings are taxed at a maximum of 15%, rather than you original tax rate of up to 46.5%. Capital Gains are taxed at a maximum rate of 15%
- Your super benefit can be paid as a tax-free pension or lump sum when you reach 60 and satisfy the criteria to access your funds
How much Superannuation will you need?
The amount of money you will need in retirement varies from person to person, and depends on:
- The kind of lifestyle you want.
- Other income options in retirement (such as part-time work or payments from other investments that will supplement your super).
- The age at which you would like to retire.
When to contribute? The sooner, the better.
If you were to contribute just $25 a week into your super (after tax) for the next 30 years, your super assets could end up $66,000* better off at retirement than someone who relies solely on their employer’s min contributions. That’s more than enough to cover a year’s worth of retirement income.
Would a self-managed super fund work for you?
A SMSF is not for everyone. It provides members the ability to privately manage their own super benefits for their retirements and allows additional control. It is important to remember that with the additional control comes added responsibility. A SMSF is only appropriate if you have the time, the desire, and the expertise to manage your super affairs correctly. Did you know – you can buy residential investment properties inside your SMSF?
Are you a first homebuyer looking for
Help?
We can help get you into your new home.
We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.
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A word from our satisfied customers
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process.
Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps.
She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time.
Will definitely refer Yuval again.
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
23 July 2023
Another amazing job by David and Bree.
Always available for our questions, helpful and just 10/10
Seriously good work !!
See you on the next one :)
Yossi and liz