Getting your super sorted

Retirement may seem like a long way off but putting money into super now is still a tax effective way to invest your money. That’s because some types of contributions you make, and the investment earnings on those contributions, are taxed at concessional rates.

Not only is super a tax effective way of saving and investing, but you can benefit from the effects of compounding returns.

If you already have a super fund and you are changing employer you can may be able to stay with your current fund rather than joining your employer’s default fund. This is known as super choice, or choice of fund. But what does it really mean for you and what difference does it make?

Common questions to consider

Some questions you may wish to consider include:

Getting your super sorted

• When should I start contributing?
• Should I salary sacrifice?
• Are there benefits if I contribute for my spouse?
• Are there benefits in consolidating my super funds?
• How can I check whether I have any lost super?
• When should I think about topping up my superannuation?
• Can I take advantage of the Government’s co-contributions?

Choice of fund

• What is a choice of fund?
• Am I eligible to choose my super fund?
• If I am eligible for Choice, what do I do?
• If I am eligible for Choice, what should I expect from my employer?
• What’s in the Standard Choice Form?
• What funds are eligible Choice Funds?
• What is a ‘default’ fund?
• What happens if my employer doesn’t make contributions to the fund I choose?
• What are my opportunities if I am eligible for Choice?
• What happens if I don’t make a choice or make an invalid choice?
• When will my employer start making payments into my Choice Fund?
• Can my employer reject my choice of super fund?
• How often can I switch to another super fund?

How we can help

We can:

• Review the performance of your current super fund in relation to your goals including how close you are to retirement.
• Make recommendations about your super arrangements, based on your goals and circumstances.
• Advise if choice of superannuation fund laws affect you.
• Recommend alternative fund providers – superannuation products.
• Review any insurance opportunities including buying insurance through your superannuation fund.

What to do next

For more information about getting you super sorted or super choice phone Jade Financial Group, Financial Advisers in Ipswich on Ph: 07 3202 2470.