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

Superannuation health check for beginners

1. Supply Tax File Number to your superannuation fund

Check that the fund has your TFN (tax file number). If the super fund does not have your TFN, then your before-tax (concessional) contributions will be hit with a penalty tax, making you ineligible to make after-tax (non-concessional) contributions. In addition, you will be barred from the co-contribution system.

2. Combine your superannuation accounts

Combining superannuation accounts can save you loads of money in charges, and if you do not consolidate them quick smart, then the Australian Taxation Office could snuffle your accounts under the new required transfer rules introduced on July 2013. If you are uncertain how many superannuation funds you have at present, then finding these super accounts and combining your superannuation can add several thousand to your superannuation savings immediately.

3. Identify the dependents as well as non-dependents


Make certain that you have comprehensible strategies about what ensues to your superannuation benefits as well as non-super assets in case you pass away. Doing some preparation at the moment can save your loved ones a lot of misery, and perhaps save thousands in tax. Choosing who gets your superannuation benefits when you pass away --- by making sure you name your beneficiaries --- becomes more vital when you intend to hand over your benefits to a non-dependent for tax purposes, for instance, a financially-independent, adult child.

4. Aspire to superannuation success in eight steps

If the tolerance you have for “New Year” super resolutions has now reached its edge, then SuperGuide’s article “8 Steps To Super Success” provides you with a quick summary of what is believed to be the basic minimum for anybody wishing for a reasonable super balance upon retirement. For instance, investment performance, check fees, as well as life insurance.

Now, for a few more super-boosting approaches.

5. Carry out a financial stocktake

The initial step is to plan out the date you intend to retire as well as the type of salary you wish to have during retirement. Then, you can compute how much cash is required to fund your chosen retirement salary from when you choose to retire until you die (or beyond, if you want to look after dependants even after your death). Plan out how much superannuation and other investments you currently have and what kind of cash you’ll have if you carry on with your present savings approach. If there’s a gap between how much you need and how much you will have, then you even have a greater drive to maximize the rules on super. On the other hand, if you have large assets, sitting beyond the superannuation system, then you may like to consider changing all or a few of your assets in the superannuation environment.

Discover more super tips at www.australiansuperfinder.com.au

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