Check your fund has the correct details for you
It’s important that your super fund has your up-to-date contact details so your annual statements are sent to the right address. It’s also critical that they have your tax file number so that the correct amount of tax is paid. Most super funds also encourage you to make a death benefit nomination that guides your […]
Check out the First Home Super Savers (FHSS) Scheme
The FHSS Scheme is a government initiative that lets you save for your first home using the super system. With a lower tax rate on the earnings associated with your FHSS savings, for some people it may be a good alternative to keeping your savings in a bank account and it may help you to […]
Evaluate your investment option
Many people in their 20s are in their super fund’s MySuper or default investment option, but this may not be the most appropriate one for your particular circumstances. Super is a long-term investment, so you may be willing to take on a little more risk with a growth investment option (which has a higher percentage […]
Review your insurance cover
Most super funds offer members insurance cover for death, total and permanent disability (TPD) and income protection using money in their super account. Although this can be a cheaper way to get the insurance cover you need, it may not match the level of protection you require – either too much or too little. It’s […]
Take advantage of free government money
Depending on your income, you could be eligible for a government co-contribution into your super account of up to $500 a year when you make personal (after-tax) contributions to your super fund. There is more free money on offer if you are eligible for the Low Income Superannuation Tax Offset (LISTO), which was previously called […]
Set up online access to your account
With online access, you can take a much closer interest in your super savings and check in with your super fund at any time. It also means you don’t have to wait for the yearly or six-monthly statement from your super fund to see how your savings are growing. You can also find out more […]
Consider combining your accounts
As you change jobs it’s easy to end up with multiple super accounts, so think about bringing them all together into one super fund to avoid paying fees on each different super account. Tools in your myGov account allow you to easily transfer (or rollover) money you have in multiple super accounts into a single […]
Find any lost super
If you’ve had part-time or casual jobs, make sure you know where all the super contributions made by your different employers have gone. You can find and manage your super using the ATO’s online services through your myGov account. By linking the ATO to your myGov account, you can see details of all your super […]
Consider extra contributions
When you start out in your 20s, your budget is usually pretty tight and there are lots of other demands on your salary or wage, but if you can spare a few dollars from your pay packet, it can make a big difference later on. If you make extra small contributions into your super account […]
Decide if your super fund is right for you
It is common to be with a super fund due to your employment arrangements – not because you actively selected it. If this is the case it makes sense to check whether it’s the right one for you. Consider features like what investment options it offers and how satisfied you are with the communications you […]
Check your employer’s SG contributions
Ensure your employer is paying Superannuation Guarantee (SG) contributions regularly into your super account if you are earning more than $450 a month. Your employer must be making SG contributions at least quarterly, but some employers can be slow to make their compulsory contributions and some don’t make them at all – particularly if the […]