{"id":4715,"date":"2019-06-20T06:13:18","date_gmt":"2019-06-20T06:13:18","guid":{"rendered":"https:\/\/raizinvest.com.au\/investors\/?p=4715"},"modified":"2021-02-08T03:50:55","modified_gmt":"2021-02-08T03:50:55","slug":"superannuation-end-of-financial-year-tips","status":"publish","type":"post","link":"https:\/\/raizinvest.com.au\/investors\/blog\/superannuation-end-of-financial-year-tips\/","title":{"rendered":"Superannuation End of Financial Year Tips"},"content":{"rendered":"

\"Women<\/p>\n

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Mark your calendar.<\/strong> The Australian Financial Year runs from July\u00a01 to June 30. Most of us are guilty of ignoring our superannuation, but this year, why not include a super health check before June 30?<\/p>\n

Latest figures show duplicate account fees and insurance premiums have eaten into our savings by over $2 billion<\/a><\/span>, lost superannuation amounts to $17.5 billion<\/a><\/span>, and one third of us simply haven\u2019t been paid what we are entitled<\/a><\/span> to.\u00a0Now is a good time to start planning for the next financial year.<\/p>\n

So, whether considering consolidating multiple accounts; claiming lost superannuation or checking you\u2019re being paid employer contributions, take a moment to consider a few simple steps that can help set up your superannuation for the future.. Early action could make a real difference to the amount of your retirement savings.<\/p>\n

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1. Consider\u00a0consolidating multiple accounts\u00a0to avoid duplicate fees and insurance premiums.<\/h3>\n

In 2018, the Productivity Commission identified 10 million unintended multiple superannuation accounts \u2013 that\u2019s one-third of all super accounts.<\/p>\n

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2.\u00a0If you\u2019ve ever changed jobs, check if any of the\u00a0lost super\u00a0held by the tax office is yours.<\/h3>\n

At 30 June 2018, there were a total of over 6.2 million\u00a0lost<\/strong>\u00a0ATO-held accounts<\/a><\/span>, with a total value of $17.5 billion. If you’d like, you can check for lost super through Raiz Super. For more information on Raiz fees, click here<\/span>.<\/a><\/p>\n

5. Check you are \u201csuper\u201d protected.<\/h3>\n

Starting 1 July,\u00a0the government\u2019s \u2018Protecting Your Superannuation\u2019 laws<\/a>\u00a0<\/span>will see automatic life insurance potentially being removed from members whose accounts have been inactive for 16 months or more. The aim of the super changes is to prevent costly fees, which bank up over time, eating up balances on inactive accounts. \u201cThe\u00a0Protecting Your Super<\/em>\u00a0changes will help reduce account erosion through the additional fees and insurance that come along with unintended duplicate accounts.<\/p>\n

The attention is on the fact that the changes are coming on July 1, however more than\u00a0half of Australians are unaware<\/a><\/span>\u00a0and an estimated 3 million people could be affected, which would lead to a loss of their insurance money. You can read more about the changes\u00a0here<\/span><\/a>.<\/p>\n

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6. First-time buyers\u2019 super.<\/h3>\n

The government allows first-home buyers to direct up to $30,000 in voluntary [above the 9.5 per cent employer payment] contributions to save up to $30,000 for a home deposit through super at the rate of $15,000 a year. So, if you are thinking of using this scheme, make sure you make a voluntary contribution to kick off the process this financial year.<\/p>\n

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Don\u2019t have the Raiz App?<\/h3>\n

Download it for free in the App store or the Webapp below:<\/p>\n

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\"download-raiz-app\"<\/a>
Click to download the Raiz app<\/a><\/span><\/figcaption><\/figure><\/figure>\n

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Important Information<\/strong><\/span><\/em><\/p>\n

The information on this website is general advice only. This means it does not take into account any person\u2019s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.<\/em><\/p>\n

A Product Disclosure Statement for Raiz Invest and\/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.<\/em><\/p>\n

The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.<\/em><\/p>\n

Under no circumstances 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.<\/em><\/p>\n

Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

  Mark your calendar. The Australian Financial Year runs from July\u00a01 to June 30. Most of us are guilty of ignoring our superannuation, but this year, why not include a super health check before June 30? Latest figures show duplicate account fees and insurance premiums have eaten into our savings by over $2 billion, lost […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[1827,450,98,1826,1825,1830,245,1828,1829,1046,1831,1656,97,82,117,125,239,146,145,444]}