Make the most of your Super
It is important to make the most of your super and keep up to date with different options and potential tax savings from the government etc.
Here are a few tips to ensure you are making the most of every cent.
- Consolidate your super into a single super fund. You can easily end up with more than one super account if you switch jobs regularly and employers pay into a different super account. You will save a lot on fees etc. by consolidating them into the one fund. It is super easy, just contact the fund to find out how.
- Keep a track of any “lost money”. This could be a super payment from a job 20 years ago for example. Worth a look through this link.
- Select your investment and insurance options smartly. Most funds offer life insurance, total and permanent disability cover and income protection. Firstly check that your super policy does offer these options. Generally, buying this insurance through your super fund can be cheaper and premiums are deducted from your super account.
- Contributing more to super fund is a “tax smart” option. Salary sacrificing can be a “tax smart” option as the money that goes into your account is taxed at 15% rather than your usual tax option.
- The Government Co-Contribution. If you earn less than $50,454 before tax, you may be eligible for a government co-contribution to your super if you make an after-tax contribution yourself. The government will contribute 50 cents for every dollar you contribute up to a maximum of $500. You can check how much you could receive with ASIC’s MoneySmart calculator.