I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

5 Healthy Superannuation Tips

1. Consider making before-tax (concessional) contributions

The level of salary you make will usually determine whether you make before-tax or after-tax contributions. If you contribute 15 cents or more in dollar tax, then superannuation begins to look good from a tax-saving perspective. You may as well want to make concessional contributions if you wish to offset an enormous capital gains tax bill. Warning: Anybody considering to make further superannuation contributions or anybody with high income, has to know the contributions caps. Exceeding the before-tax contributions cap will have you expecting to be fined with a penalty tax, or the chance to withdraw the extra contributions and taxed at the marginal tax rate. Now is the perfect time to confirm the level of superannuation contributions you make, or made for you by your employer, so as to make certain that you do not go beyond the contributions cap by mistake. Since July 1, 2012, if the adjusted taxable income you have is greater than $300,000 per year, then your before-tax contributions are hit with an additional 15% tax, meaning before-tax contributions of high wage-earners are hit with a 30% tax.

2. Consider making after-tax (non-concessional) contributions

For the 2014-2015 year, the yearly after-tax contributions cap is $180,000. If you are under 65 years old, then you can propose non-concessional contributions of up to 2 years’ worth.

Note: If you’re a small-scale business owner, then you may be qualified for a non-concessional contribution limit of $1.355 million for the 2014-2015 year (indexed), which is a lifetime contribution limit, along with the after-tax contributions cap. The Capital Gains Tax exemption allows personal contributions that are caused by the disposal of small business assets that qualify. If you think you could be eligible, then seek advice since the laws that this exemption applies to are complicated and challenging.

3. If you are 65 years old or over, verify that you qualify the work test prior to contributing

Anybody under 65 years old can make superannuation contributions irrespective of whether or not they’re working. If a person is 65 years old or over, then he/she should work 40 hours within a thirty-day period throughout the financial year, wherein they are planning to pay the contribution.

4. Check your eligibility for the co-contribution

The co-contribution is a tax-exempt superannuation contribution when you pay an after-tax (non-concessional) contribution.

5. If necessary, think about speaking to an independent adviser
If you are making major monetary decisions, mainly decisions with significant tax implications, consider looking for an independent tax service from accountants, if you are planning to engage in the main financial plans involving investments, maybe seek a financial adviser. And if you do propose to hire a financial adviser, make certain the one you pick knows the superannuation rules and demands a charge for advice. Independent advisers are hard to locate, not impossible, however.

More super facts and tips can be found on www.australiansuperfinder.com.au

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