It’s July already! For many July means tax time, a chilly month or two before we head towards summer, and this year it means it’s almost time for the Tokyo Olympics!
There will be many athletes aiming for personal bests and gold medal glory. But it’s not only athletes striving for their best outcomes.
When it comes to aiming for the best for our future, super is a great place to start. So how can you ensure you get off to a cracking start to this tax year for your super? These five quick steps can help!
1. Consider consolidating multiple superannuation accounts
This can help you avoid duplicate fees and insurance premiums.
2. If you’ve ever changed jobs, check if any of the lost super held by the tax office is yours
There are billions of dollars of lost super, so if you think the ATO may be holding onto some of yours, reach out to them!
3. Check you’re being paid the super you are entitled to
Employers have three months to pay into an employee’s super account, so a wage slip may not reflect the actual payment. If your super doesn’t add up, let them know.
4. Take advantage of Personal Contributions
Your employer pays you 10% of your ordinary-time salary in super contributions, and this number will increase by 0.5% each year, reaching 12% in 2025. But if you want to give your super an extra boost, you can also make additional personal contributions to your super which may be tax efficient, up to a cap of $27,500 each tax year. This cap includes your employer super contributions.
5. Take advantage of fee free switching of super
There are no fees to switch super providers, so shop around and see which one works for you!
It all comes down to you! Start your FY strong and stay strong! You can achieve your personal best if you plan forward 😊
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