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1). What is Superannuation?
Superannuation, or super, is Australia’s compulsory long-term savings plan that enables you to save money for your retirement. Your employer pays 9.5% of your salary into a super fund nominated by you – Crescent Wealth Super is one such fund you can choose.
The Australian Government has determined the Superannuation Guarantee (“SG”) rate to rise to 12% over the coming years. Your entitlement is arranged into a superannuation fund which is invested into various assets, so they may accumulate and grow as part of your retirement savings. You have the right to choose the investment option for your super that best meets your needs, ethical principles and expectations.
Super is also a tax-effective way to save for your retirement. You only pay 15% contributions tax on before-tax super contributions*. There are contributions caps (limits) on the amounts you can contribute at the rate of 15%. This is $30,000, however if you were aged over 49 years on 30 June 2014, an increased limit of $35,000 applies.
After-tax super contributions are not taxed going into the superannuation fund as you have already paid tax on them. Earnings in the funds are taxed at 15%. Earnings on your investment go into your super account.
Contributions are made into your super account. These can be from your employer, you, your spouse and/or the government.
Note: You may be taxed by the Government on your super withdrawal, depending on your age when you make the withdrawal and the amount withdrawn.
Once you reach your preservation age or retire you can:
- Continue to hold your money in super, paying 15% tax on earnings and making withdrawals when it suits you^
- Withdraw some or all of your money as a lump sum^
- Use some or all of this money to start a pension account that pays you a regular income
*Or 30% tax on pre-tax super contributions if you earn over $300,000 pa. ^You may be taxed on your super withdrawal, depending on your age when you make the withdrawal.
Strategies & tips to increase your Super
There are things that you can do today to increase your super for retirement:
- FIND LOST SUPER. There are millions of ‘lost’ super accounts in Australia worth billions of dollars!1 Some of this could be your money. Crescent Wealth offers a complimentary service to help you get your lost super back and combined into your Crescent Wealth Super account. Call us today on 1300 926 626 to and simply ask for our help.
- CONSOLIDATE/COMBINE all your super accounts to avoid paying multiple sets of fees and charges. You can do this online. There are some things you should consider before deciding whether to consolidate your super, such as whether there are any fees for consolidating (e.g. exit fees) or other loss of benefits (e.g. insurance).
- YOUR CONTRIBUTIONS STRATEGY. It may be possible to make extra contributions to super from your pre-tax salary through salary sacrifice and take advantage of super’s 15%* concessional contributions tax rate. Remember that there is a limit on the amount of pre-tax contributions you can make to your super each financial year (see note above). If you contribute more than the limit allowed, you will pay additional tax on your excess contributions.
- TAKE ADVANTAGE OF GOVERNMENT INCENTIVES for example if you are eligible co-contributions and spouse contributions, can add to your super balance.
*Or 30% tax on pre-tax super contributions if you earn over $300,000 pa. 1 Australian Taxation Office, Taxation statistics 2010-11, ‘A summary of tax returns for the 2010-11 income year and other reported tax information for the 2011-12 financial year’.
2). What is Islamic Investing?
Islamic investment principles, also commonly referred to as Ultra-Ethical investing, refers to an investment philosophy that differs substantially from the conventional approach to investments. It represents an investment philosophy established to pursue the wider objectives of Shariah – the establishment of fairness and justice for all in business and commerce.
3). Are the majority of superannuation providers investing in NON-Islamically compliant assets?
Yes. According to data sourced from the Association of Superannuation Funds of Australia, we find that on average 25 – 40% of Australian super is invested in non-Islamically compliant assets. These include interest bearing products and shares in companies dealing in weapons, alcohol, gambling, high debt firms, tobacco and pork farming. In addition, the remaining 60 – 75% of such super funds does not take into account Islamic investment principles and could likely be investing further in such areas.
4). How are you Islamically compliant/How do you make sure you invest Islamically or only in what's Halal?
The purpose of Crescent Wealth is to provide an alternative superannuation and investment option that complies with Islamic investment principles which are naturally ethical in value. Conventional Superannuation funds generally don’t have such filters, investing most often into industries with only profit in mind. When investing on-behalf of our clients, Crescent Wealth examines and researches each investment to understand how it makes its money from a commercial as well ethical standpoint. We then actively screen out investment opportunities that earn profits or market prohibited goods/services such as alcohol, gambling, riba/interest, weapons and more. We also filter out companies who have high levels of debt/gearing, cash or short-term investments, and receivables.
How we do this is with four comprehensive layers that filter out non-compliant companies.
Our four core Islamic/ethical filters are:
1) All our investments comply with and adhere to the globally recognised standards for Islamic Investment principles as set by AAOIFI. AAOIFI determine the laws based on Islamic Jurisprudence. AAOIFI are comprised of dozens of the world’s leading Islamic Finance scholars who also provide these standards for the world’s leading Islamic financial institutions.
2) We have globally recognised Shariah Supervisory Boards from Amanie Advisors and Dar Al Shariah, consisting of scholars of Islamic finance who advise leading Islamic institutions and who monitor each of our funds adherence to the above principles. Dar Al Sharia has been awarded the World’s Best Sharia Advisory Firm and World’s Best Islamic Consultancy Firm 5 years in a row with IFN. We have their fatwas for each of our specific products should you wish to view them.
3) Each investment undergoes in-depth analysis for its Islamic compliance by IdealRatings, the world’s most trusted Islamic investment research firm.
4) Our international investment teams undertake a final review for its compliance before any investment is made, as well as regular due diligence of our investments to ensure our assets remain Islamically compliant.
We have also had numerous local Australian scholars endorse us should you be looking for a local voice.
5). Who manages my money?
Over 37 highly experienced investment specialists from our sub-advisors take care of your investments. Our sub-advisors are highly rated and collectively manage over $5 billion. They include Saturna, DMP Asset Management and Freehold Investment Management. In addition, cash deposits are invested with CIMB Islamic, one of the world’s leading Islamic banks based in Malaysia.
All funds are managed in accordance with Islamic investment principles while providing diversification across major asset classes such as Australian shares, international shares, Islamic cash and bonds, and diversified property.
6). Is my money safe with Crescent Wealth?
Superannuation is an investment for your retirement and Australia, and as such Crescent Wealth, has a comprehensive regulatory framework in place to safe guard your super. Crescent Wealth Super Fund (CWSF) is registered under the Australian Prudential Regulation Authority (APRA). In addition, RBC Investor Services, as custodian, is an independent institution that holds securities on behalf of the CWSF for safekeeping so as to minimise the risk of theft or fraud.
Regardless of the superannuation company you choose to go with, all investments carry some risks and it is important to understand what these risks are and that the level of risk that is acceptable to each person depends on a range of factors. We suggest that you refer to section 4 – ‘Risks of Super’ within our PDS or our Investment Choice Guide for more in depth information.
Finally, the Crescent Wealth Super Fund (CWSF) has Diversa Trustees Limited) as the independent trustee who are responsible for the compliance and operations of the Fund.
7). Are you licenced and regulated like other major super funds?
Yes – As required by law, the Trustee of the Fund, Diversa Trustees Limited, holds both an Australian Financial Services Licence – AFSL: 235153 (issued by ASIC) and an Registrable Superannuation Entity Licence RSE: L0000635 (issued by APRA). In addition, the Fund has been registered with APRA (the Superannuation Regulator) and has been given the Fund Registration Number R1075182. The Crescent Wealth Super Fund Australian Business Number (ABN) is: 71 302 958 449.
8). What are your fees?
0.85% p.a. for the Conservative investment option.
1.20% p.a. for the Balanced investment option.
1.35% p.a. for the Growth investment option.
Plus $1.55 per week and 0.565% p.a. for administration of the Fund.
9). How much will you need for a comfortable retirement?
The latest ASFA Retirement Standard estimates you will need approximately $56,406 a year to enjoy a comfortable retirement if you’re part of a couple or $41,197 if you are single.1 But everyone’s different. The ASFA can give you a sense of how much you may need to retire and whether you are on track, as well as helping you see the long-term effects on your superannuation for the things you can control. Speak to a Crescent Wealth Super Specialist or a Financial Advisor for more. 1
Looking for basic Super information or Super calculators? Why not check out ASFA’s Super Guru at http://www.superguru.com.au/ of which Crescent Wealth is a member.
10). Do you provide any other services apart from Superannuation?
Yes. Exclusive to Crescent Wealth Super Fund members, we also offer:
- Complimentary ID Certification Services
- Complimentary Lost Super Search Services
- Complimentary Super Consolidation Services
We also provide Islamically compliant investment funds which individuals can directly invest their savings into. Our four funds are:
- Crescent Wealth Australian Equity Fund
- Crescent Wealth International Equity Fund
- Crescent Wealth Property Fund
- Crescent Wealth Cash Fund
For example if you have a self-managed super fund, you can invest directly in any one of our managed funds in order to gain exposure to a specific asset class, including Islamic compliant Australian equities via the Crescent Wealth Australian Equity Fund. Alternatively, you may want to keep your money in a low risk and stable investment option, in which case you could invest your savings into the non-interest bearing Crescent Wealth Islamic Cash Management Fund.
11). What's your Fund name, SPIN, ABN, USI, Fund Registration, AFSL, Administrator, Fund Postal Address?
Super Fund Name
Crescent Wealth Superannuation Fund
Crescent Wealth Super Fund SPIN#
CFL0009AU Alternatively, you can use our ABN in place of our SPIN number, as a SPIN number is no longer a legal requirement.
Crescent Wealth Super Fund ABN (USI)#
71 302 958 449 (001)
Fund Registration Number
Crescent Wealth Funds Management (Aust) Pty Ltd. Australian Financial Services Licence (AFSL)
Fund Postal Address (for Rollover/Transfer forms, Remittance Advice forms and Cheques)
TO: Crescent Wealth Superannuation Fund Reply Paid 88577 Melbourne VIC 8060
12). I can't log in to my online account - what do I do?
If you have forgotten your Username or Password, please contact our Member Care team for assistance on 1300 926 626.
However if you do know your username, and have only forgotten your password, simply input your username in the member login portal and click “Forgotten Password” and follow the instructions where you will be emailed a new password.
13). Do you provide loans and mortgages?
No. Crescent Wealth is not a financial lending agency. We are a fund manager that specialise in wealth management.
14). Where can I get more information?
For more, please feel free to contact Crescent Wealth directly on 1300 926 626 or alternatively through e-mail to firstname.lastname@example.org