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Collecting an annuity is a great way to invest in your retirement as it allows you to gradually raise money until you reach retirement age. Although employees have the legal right to join the fund when they are hired, they can also choose to join and contribute to a self-managed pension fund or set up a super fund.
Self Managed Super Funds (SMSF) is a fund set up for a small group of people, usually under the age of 5, and is regulated by the Australian Tax Administration. As trust funds, fund members or contributors are also trustees, who are responsible for the prudent functioning of their funds and for developing and implementing investment strategies.
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Profit from super funds
Super funds, including DIY super funds, are eligible for tax breaks such as lower income tax rates and eligible deductions. The fund also benefits from government benefits and, in some cases, may even offer general and permanent disability coverage and insurance to its members.
Who can take part?
In principle, anyone can join a super fund, regardless of whether you are employed or not. If you are inactive or on a low income, your partner can contribute up to 65 years of age. If you are self-employed, you can also choose to join and participate in the fund and claim full tax breaks on your contributions.