Get your super off to a cracking start this financial year
It’s July already! For many July means tax time, a chilly month or two before we head towards summer, and this year the Commonwealth Games starts in Birmingham on 28th July, 2022.
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
As of July 1 2022, Your employer pays you 10.5% 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 😊
Don’t have the Raiz App?
Download it for free in the App store or the Webapp below:
Important Information
If you have read all or any part of our email, website, or communication then you need to know that this is factual information and general advice only. This means it does not consider any person’s particular financial objectives, financial situation, or financial needs. If you are an investor, you should consult a licensed adviser before acting on any information to fully understand the benefits and risk associated with the product. This is your call but that is what you should do.
You may be surprised to learn that RAIZ Invest Australia Limited (ABN 26 604 402 815) (Raiz), an authorised representative AFSL 434776 prepared this information.
We are not allowed, and have not prepared this information to offer financial product advice or a recommendation in relation to any investments or securities. If we did give you personal advice, which we did not, then the use of the Raiz App would be a lot more expensive than the current pricing – sorry but true. You therefore should not rely on this information to make investment decisions, because it was not about you for once, and unfortunately, we cannot advise you on who or what you can rely on – again sorry.
A Product Disclosure Statement (PDS) for Raiz Invest and/or Raiz Invest Super is available on the Raiz Invest website and App. A person must read and consider the PDS before deciding whether, or not, to acquire and/or continue to hold interests in the financial product. We know and ASIC research shows that you probably won’t, but we want you to, and we encourage you to read the PDS so you know exactly what the product does, its risks and costs. If you don’t read the PDS, it’s a bit like flying blind. Probably not a good idea.
The risks and fees for investing are fully set out in the PDS and include the risks that would ordinarily apply to investing. You should note, as illustrated by the global financial crisis of 2008, that sometimes not even professionals in the financial services sector understand the ordinary risks of investing – because by their nature many risks are unknown – but you still need to give it a go and try to understand the risks set out in the PDS.
Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance. Those of you who cannot afford financial advice may be considering ignoring this statement, but please don’t, it is so true.
Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.
This information may be based on assumptions or market conditions which change without notice and have not been independently verified. Basically, this says nothing stays the same for long in financial markets (or even in life for that matter) and we are sorry. We try, but we can’t promise that the information is accurate, or stays accurate.
Any opinions or information expressed are subject to change without notice; that’s just the way we roll.
The bundll and superbundll products are provided by FlexiCards Australia Pty Ltd ABN 31 099 651 877 Australian credit licence number 247415. Bundll, snooze and superbundll are trademarks of Flexirent Capital Pty Ltd, a subsidiary of FlexiGroup Limited. Lots of names, which basically you aren’t allowed to reproduce without their permission and we need to include here.
Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.
Home loans are subject to approval from the lending institution and Raiz Home Ownership makes no warranties as to the success of an application until all relevant information has been provided.
Raiz Home Ownership Pty Ltd (ABN 14 645 876 937), an Australian Credit Representative number 528594 under Australian Credit Licence number 387025. Raiz Home Ownership Pty Ltd is 100% owned by Raiz Invest Australia Limited (ABN 26 604 402 815).
