10 things you may not know about Superannuation

In this month’s wealth pipeline we reveal 10 things you may not know about superannuation. 

10 things you may not know about Superannuation

1. Superannuation funds for most expenses can claim up to 75% of the GST paid.
2. A superannuation fund inclusive of SMSFs can underwrite personal insurance for their members i.e. the fund itself can be the insurer.
3. Life and TPD (under the own occupation definition ) insurance premiums are tax deductible in superannuation.  They are generally not tax deductible if personally held.
4. There is more money in SMSFs than Industry and Retail Superannuation funds combined.
5. In all states and territories of Australia (with the exception of NSW) a superannuation estate is directly dealt with as being totally separate to a person’s Will and is not directly caught by the laws in relation to challenging a person’s Will.
6. Superannuation funds inclusive of SMSFs can borrow to invest.
7. If a superannuation member is age 55 or greater the superannuation fund’s earnings used to back the pension can be structured so that they are exempt from tax.
8. When a superannuation member dies it may be possible for the death benefit beneficiary to be refunded the deceased’s member’s contribution tax paid.
9. There is approximately $1,280.2 billion ($1.3 trillion) invested in superannuation funds within Australia.
10. The average Australian super balance is $87,600 for men, and $52,300 for women.