20 Feb 2014

Super - The 5-step check

The Australian Taxation Office has put together a handful of tips to help you improve your super savings over time - that means more money for your retirement.

Step one:

Check your super statements - this is to ensure your employer is paying the correct amount of super to your superfund. Check the fees your superfund is charging you. With lower fees you will save faster!

Step two:

Make sure your fund has your TFN - ensuring this will make many processes simpler for you, including if you want to find lost super or super held by the ATO.

Step three:

Keep track of your super using SuperSeeker - SuperSeeker can be used to check all of your super accounts, find lost super, find ATO-held super.

Step four:

Consider government contributions - For low or middle income earners, the government may help boost your savings through the super co-contribution.

Step five:

Put extra money into your super - Your employer pays 9.25% of what you earn to your superfund. However this is not the limit of what you can save. By adding extra money to your fund, it may help make up for any periods when you are not working.

Salary sacrifice - organising with your employer to have extra money from your salary put into your fund before tax. This means you not only have extra money in your superfund but you may pay less tax.

 

For more information on any of these tips visit the ATO website:

ATO 5 step Super check

Kerslake Gray Accountants - (02) 4751 4091
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