What is BT Business Super?
BT Business Super is a product ideally designed for small to medium-sized businesses and funds which have at least two permanent employees or total contributions of at least $2,500 every year. It was introduced in 1992 and presently manages $1.7 billion in assets on behalf of 260,000 investors. It is owned by one of Australia’s leading financial groups, the Westpac Group.
BT Business Super gives you balanced flexibility by offering a wide range of options across all major investment strategies and asset classes, and at the same time, giving you a lot of options of which fund manager to choose from.
It also has a wide range of comprehensive insurance options which covers death, total disability, and income protection which are competitively priced for members. It also has fee discounts that cut in at amazingly low levels for a master trust.
The BT Business Super has features such as 34 investment options, cost-effective insurance, extensive online functionality for employers and employees, flexible employer plan design and options for spouses to have accounts and life insurance.
Seasoned investors know that investing wisely means diversifying your investments. Diversification not only lets you earn from different avenues, but is the best way to protect your assets and investments. By mixing low-risk investment with high-risk investment, you provide balance to your finances.
BT Business Super understands this principle so it provides a wide range of investment options – around 30 – which you can choose from according to your needs, goals, and the tolerance for risk. These options are divided into categories – from stable to high risk.
Wide range of investment options with BT Super
- Stable Option: is ideal for someone who is not keen on taking risks and wants to have access to their funds in the near future. These kinds of investments focus more on the preservation of the capital rather than the high return. These investments provide a steady stream of income and little or no change in value. They usually give a lower long-term return than other investment options in exchange for stability and security. A stable investment is usually invested in cash, such as money market funds or interest income.
- Conservative Option: is an investment option which gives a level of growth but focuses more on protecting your super or your capital. This type invests more in shares and property with the majority in fixed interests and cash. It aims to lessen the risk of loss; thus, accepting a lower return over the long term.
- Moderate Option: is a mixture of different asset classes which provides good long-term returns without major setbacks. This option focuses more on bonds and domestic shares, such as Australian and international bonds and debt securities.
- Dynamic Option: is for someone who is ready to take the risks to have a potentially higher income earning over the long-term. Those who are in to this type of option understand the volatility of such investments and are ready to face the possibility of negative returns. This option focuses investments in a diversified portfolio which includes Australian, international shares and property. This is ideal for those who have a five-year long term investment time frame and are looking to build their wealth overtime.
- Aggressive Option: is ideal for great risk takers who are also looking for greater returns. An aggressive investment combines features of various asset classes with the majority in domestic shares and some exposure on international shares and bonds.
Flexible contribution options
Aside from the wide range of investment options for your super funds, BT Business Super also provides various ways for you to make your contributions. Being in the know about contribution options will save you a lot in tax deductions and gain more profit than just by setting your super fund in default mode.
- Salary Sacrifice: In most cases co-contribute 9% of your salary to superannuation. If you want to boost your super in order to get a higher amount later, you should consider salary sacrifice. This means that you can contribute 6% more of your after-tax income to make the total to 15%.
- Spouse Contribution: It is an after-tax payment which can be invested into a complying super fund under your spouse’s name. It can be made before your spouse turns 65 regardless whether or not they are working. Spouse contribution can give you a $540 full tax rebate every year if your spouse contribution amounts to $3,000
- Government Co-Contribution: It is the Government’s scheme to help eligible individuals boost their super funds. This will especially be ideal for low and middle income earners as the Government match up to $1,000 of your personal super contributions.
Purchasing insurance through your Super
Buying your insurance through BT Business Super allows you to pay your insurance with pre-tax dollars. These tax concessions make it cheaper to insure through your super with a higher level of cover. The types of insurance you can purchase through the BT Business Super are:
- Death Only
- Death and Total Permanent Disablement (TPD)
- Death and TPD and Salary Continuance Insurance
BT Business Super Benefits
Aside from the flexible investment and contribution options and the cover you can get from BT Business Super, there are other benefits you can enjoy.
Number one on the list is the fact that the financial products which you will purchase are provided by Westpac, one of Australia’s leading financial groups. Second, you can also access their Travel and health Insurance. Lastly are the travel packages, leisure and adventure experiences, and gifts from premium shopping malls.
With BT Business Super, you don’t have to wait for your retirement to enjoy life. It lets you enjoy life now. Just as they say, there’s only one life to live, and you have to live it well.