Mums, you can help your 14+ year old kids check they have all the right plans in place for their future!
Here are some things you can check now:
Does your fund have your tax file number (TFN)?
If your super fund doesn’t have your TFN, you’ll pay extra tax on your super and you can’t make personal contributions.
You might also miss out on the government super co-contribution. Contact your super fund to check.
Are you being paid enough super?
Generally, your employer must contribute an amount equal to 9% of your normal pay to your super fund.
This money is paid separately by your employer and does not come out of your pay packet. This will rise to 12% over the next few years.
If you think you’re missing out, the ATO can help. Check out www.ato.gov.au/unpaidsuper
Want an extra top up?
If you put extra money into your super account you may qualify for the super co-contribution.
This is an easy way the government helps you boost your super by adding more to any personal contributions you make. Check out www.ato.gov.au/boostmysuper
Want to choose your fund?
When you change jobs, think about using the super account you already have. You can usually ask your new employer to use any super account you want, including one you already have. For more information visit www.ato.gov.au/superchoice
Do you have a different super account for every job you’ve had?
Having many different super accounts could mean you’re paying more than one set of fees.
Think about rolling the money into one account and closing any accounts you don’t need. To help you keep track check out www.ato.gov.au/superseeker
Are you paying for insurance?
Your fund may deduct money from your super account for death and disability insurance. This can affect how much money you end up with in retirement. Contact your fund to see if you are paying extra and if it’s right for you.
Do you check your super every year?
When you get your super statement check:
- that your contact details are correct
- your fund has your TFN, and
- your money is being invested the way you want
SuperSeeker helps you manage your super
SuperSeeker is a secure, convenient service that will help you keep track of and manage your super.
You can see details of the super accounts you’re currently using, as well as some you may not know you had. You can also use a new online form to consolidate all your super accounts.
To find out more, including how to access SuperSeeker see www.ato.gov.au/superseeker
From late 2013 you’ll be able to see all your super in the one place. It will be even easier to interact with your accounts and really take control.
Check out www.ato.gov.au/super