AU2.4.1ÌýÌýÌýÌý Summary of the Australian superannuation system
The most common scheme for accumulating funds for an individual's retirement is a superannuation fund.
The main purpose of superannuation is to encourage Australian individuals to save for their retirement. Broadly, the saved funds are designed to provide the fund member with a measure of financial independence upon retirement and to reduce reliance on the means-tested aged pension paid by the Australian Government. Encouragement is provided in the form of various tax concessions granted to superannuation funds and to individuals making superannuation contributions.
Concessional superannuation contributions to Australian superannuation funds are tax deductible for the contributing member, or by the member's
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Web page updated on 17 Mar 2025 13:18