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New Year’s resolution: getting your super in order

Posted on 18 December '14 by , under General News.

Thinking about your superannuation might be the last thing you feel like doing this holiday season, but you should take this opportunity to get it out of the way! Setting aside just one hour to organise your superannuation will pay off down the track, and it will stop that little voice that occasionally keeps you up worrying at night.

Here are a few things you can do to get on top of your superannuation:

1. Make sure your super fund has your TFN: If your super fund doesn’t have your TFN then your contributions will have an extra penalty tax applied

2. Check to see if you have any super with other funds from previous jobs: If you have super that is spread out between a few different accounts then it is probably being eaten away by fees. You should consolidate all of your super into a single account. Remember to do a little research into different funds and look for the lowest fees.

3. Start making additional concessional contributions: Concessional contributions are a great way to save on tax and start preparing for retirement. The earlier you start making concessional contributions the more you benefit from the miracl of compound interest.