Superannuation 2010-2011

This paper, updated for the 2010-11 financial year, is designed to provide readers with a summary of superannuation taxation, contribution, preservation and payment rules, and covers amongst others, the following topics:

• the taxation of superannuation contributions and benefits
• the level of superannuation contributions that employers must make (Superannuation Guarantee) (SG)
• the ability of superannuation fund members to direct contributions and benefits to different funds, such as choosing the destination fund for the SG contributions made on their behalf (Choice rules)
• the government co-contributions scheme for low income earners
• the ability to split superannuation contributions with a person’s spouse
• taxation of superannuation fund income
• the preservation rules that came into operation on 1 July 1999
• the application of the goods and services tax (GST) to superannuation, and
• self managed superannuation funds.