With all that’s happening in financial markets at the moment, it’s only natural to be looking for help to make sense of it all. Like all of us, you want to know what the changing markets mean for you, your family, your savings, and your future. That’s why it’s a good idea to speak to a qualified Matrium Financial Services (http://www.matriumfs.com.au) adviser, a firm we work closely with to assist our clients' needs in this area.

A financial adviser can help you assess your current financial position and work out whether you’re in good shape to meet your personal and financial goals. Knowing your goals put you in a better position to make choices that are right for you. It also helps your financial adviser develop or update your plan so it is tailored to your needs. The sort of things you should think about are your goals for:

• Building savings and investments,
• Protecting your family and lifestyle,
• Planning for changes in your life like the birth of a child,
• Saving for your retirement

A financial plan based on your goals and priorities puts you in control of your financial future and helps you create a secure and comfortable future. Matrium can also help you understand what to expect from your first meeting and give you tips on how to prepare, so you are comfortable and confident with the planning process.

The short answer is yes. Since 1 July 2005, employees, with some exceptions, have been able to choose the super fund their contributions are paid. The good thing about this is it puts you in control of what could be your most significant source of retirement savings.

For help in making decisions about super talk to our financial advisers. We can help you identify your goals and recommend the excellent strategies best suited to your situation.

Most Australian employers must contribute at least 9% of their salary to super; this is known as compulsory super. Even though mandatory super is intended to help fund your retirement, it may not provide you with enough money for the lifestyle you want.

Before you decide to rely on compulsory super contributions solely, speak to our Matrium financial advisers.

The amount of super you’ll need will depend on your circumstances, such as your current age, current income, desired retirement age, desired retirement income, and current super balance.

It’s a good idea to speak to our financial advisers, as they can help you with tips and strategies to make the most out of your super and save more for your retirement.

Generally, you can only access your super savings when you reach preservation age. To ensures your super savings are used for when you retire.

Your ‘preservation age’ determines when you can access your money, even if you have not retired. It is based on your date of birth and ranges between 55 and 60.

Usually, you are restricted from accessing your super money until you reach your preservation age. Your preservation age is based on your date of birth and ranges between 55 and 60. In very particular circumstances, you may to access your super funds on compassionate grounds; however, these situations are limited. Talk to our financial advisers or the APRA website for more information. .

There are several different types of superannuation funds. The main ones are:

• Employer / Corporate / Staff funds – (funds established by an employer for the benefit of their staff)
• Personal Funds
• Industry Funds
• Self-managed super funds

If you want more information about the different types of super funds, speak to one of our Matrium Financial Advisers.

To understand how super works, it’s essential to keep in mind that super is a framework for holding investment assets. It’s not an investment in itself. Super funds can offer a range of investment options and asset classes, including cash, property, shares, and fixed interest.

Superannuation, or super as most of us know it, is an excellent long-term savings plan, which will provide you with an income when you retire. For many Australians, super will be their primary form of retirement income.

In last year's Budget, the government announced that, with effect from 1 July 2012, the rate of tax that applies to the concessional contributions for people with income above $300,000 would increase from 15 percent to 30 percent.

If your income is less than $300,000 or less, the tax rate is only 15%.

Reportable employer superannuation contributions are contributions made by an employer under a salary sacrifice arrangement or contributions for an employee above the minimum amount required by law.

A reportable employer superannuation contribution for an individual for an income year is an amount contributed:

1. by an employer of the individual, or an associate of the employer, for the individual to a superannuation fund or RSA
2. to the extent that the individual has the capacity, or might reasonably be expected to have the capacity to influence:

• the size of the amount, and/or
• the way the amount is contributed so that their assessable income is reduced

The time an employer contribution is made is necessary because the employer can only deduct a contribution "for the income year in which you made the contribution."

The timing of a contribution is not only significant for an employer's deduction entitlement but may also affect:

• When an employer's superannuation guarantee contribution is made
• A member's entitlement to a tax deduction for a year
• A member's liability to excess contributions tax
• Eligibility for a government co-contribution in a year, and
• The inclusion of the contribution in a fund's assessable income for the year

The ATO view on when a contribution is made is that a superannuation contribution is made when the capital of the fund is increased. This may be when an amount is received, when ownership of an asset is obtained or when the fund otherwise obtains the benefit of an amount. In the ordinary case:

• A contribution in cash is made when received by the fund
• A contribution by EFT or internet banking is made when the amount is credited to the fund's bank account – this may occur sometime after the contributor has done what is necessary to effect the payment, and
• A contribution by cheque is made when the cheque is received by the fund, unless it is subsequently dishonored

A limited category of employees are excluded and need not be provided for under the Superannuation Guarantee scheme, including:

• employees aged 70 years or over;
• employees paid less than $450 a month;
• non-resident employees paid for work done outside Australia;
• resident employees employed by non-resident employers for work done outside Australia;
• part-time employees (that is, employed to work not more than 30 hours per week) under 18 years of age; and
• a person employed for not more than 30 hours per week to carry out work of a domestic or private nature.

Employer superannuation support under this scheme is measured in terms of a percentage of an employee's notional earnings base/salary and wages. For the current year, the percentage of that base that must be contributed is 9.25%.

The government has announced changes that will gradually increase the superannuation guarantee rate (charge percentage) from 9% to 12% between 2013-14 and 2019-20 years. We will publish updated guidance if these announced changes become law, given that the coalition has flagged the deferral of these increases by two years.

The superannuation guarantee scheme is designed to encourage employers to provide a minimum level of superannuation support for employees.

Where an employer provides less than the required level of support, they will be liable to pay a non-deductible charge called the Superannuation Guarantee Charge (SGC).

An "employee" for superannuation guarantee purposes is anyone who is an employee at common law. Generally, the degree of control exercised by the "employer" over the "employee" and the degree to which the "employee's" services are an integral part of the "employer's" business will be significant whether an employer-employee relationship exists.