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2017 Tax Tip #13 - Consolidate Your Super

Posted by Georgia Kirby on Jul 5, 2017 7:00:52 AM

For most employees having your entire super in one place makes a lot of sense to. It will allows you to reduce the amount of fees you're paying, receive one lot of paperwork and only have to keep track of one fund.

Consider consolidating the super funds you do have into one fund and then compare all your funds to work out which one best suits your needs. Fees and charges, available investment options and life insurance cover are all important things to consider in this decision. In particular, if you have insurance cover in a fund, check if you can transfer or replace it in the new fund so you don’t end up losing the entire benefit altogether. You can also look at past investment performance as well, but  it is no promise  of how the fund will perform in the future.

Once you have chosen the fund you want to keep, contact the provider, as this will aid you in transferring money from your other super funds.

If you have moved around or changed jobs occasionally, your old super fund may have lost track of you and you may run the risk of missing out on some super when you need it. In order to find lost superannuation, you will need to create a myGov account and link it to the ATO.

 

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