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

What is Superannuation Designed For?

Superannuation is designed for providing members of superannuation funds to have retirement benefits. This benefit in retirement will depend on the amount of money that the member have contributed in his or her career and time-frame from which it has been contributed for. So what this is saying is that the earlier you start, and the longer that you pay for it over the years, will provide you with a better means of living your retirement. So it's important to start early and top it up yourself.

Who is Eligible for Super?

If you are eighteen years old or older and earn more than $450 a month in salaries and wages, your employer will be compelled to pay for you 9.5% of those wages and salary. As an example, if you're earning $20,000 per year, 9% of $20,000 is ideally a hundred dollars paid to your superannuation account.

What are the Main Benefits of Super?

The primary benefits of super focuses around the tax effects of those payments paid into those super funds. As an example, investment earnings are applied to super account at a tax of 15% instead of the marginal tax rate and employer contributions that are paid to your super fund are also taxed at the same rate which is 15%. One of the major initiatives of the government this year effective on July 7 is that the benefits paid to an individual who is 50 years of age or older are tax-free.

What's the Catch for Superannuation?

One of the main things that the government does to those contributions that are paid is that they are preserved until you retire from the workforce. So what that means is any contributions paid by yourself or your employer into superannuation fund are preserved until you are permanently retired. This means that you can't get your hands on your super money.

For more information about the applications of super, simply visit www.australiansuperfinder.com.au to access our articles.

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