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Super Duper Super

Ever wanted to have super powers? Me too. I’m trying to choose between invisibility and reading minds. One superpower I do have though is my Superannuation. It’s like this nice little plant I’m growing that one day will hopefully be a giant fruit tree that feeds me and my family. 

I know that most of us have a very basic idea of what super is and how it works, but we might not be confident about it or don’t really know how to make the most of it, and maybe we aren’t growing it at all!

If that’s you, then this blog series is for you!  

In a few little blogs we’re going to cover:

  1. Intro to Super (what it is and how it works) - more on this below
  2. Type of contributions
  3. Withdrawing from Super
  4. Making contributions (as an employer or sole trader)


Intro to Super

Superannuation is a Government initiative that helps us to save for our retirement, now, in a tax effective way. When you are employed, your employer has to generally make contributions on your behalf. The amount might vary, but at a minimum they usually have to pay 10% (from 1 July 2021) on top of your salary/wage, and make that payment directly to your selected fund. The catch? You can't usually access it until retirement! It is like forced savings though. I am about it.  

The Super funds are in charge of keeping your money safe and sound until you retire. They usually pool it together with other people's 'accounts' and invest it, often in a diverse way. This kind of gives you exposure to cash, property, the Australian share market, International markets and other financial assets. What the balance of this looks like depends on the fund and on your preferences/elections. 

Some of you might be keen to do some further reading up on your fund/s, what they invest in, their values, return rates, fees etc. I know you probably just want me to help you with everything to do with the dollar-e-doos, but I am not allowed to advise you on selecting a Superfund, so best that you do your own research or hook up a meeting with a financial adviser! 

So, what’s your Super looking like? 

Let’s approach this with an open heart and open mind, without judgement. I just want you to know your starting point and from there you can move forward. 

Give your super a health check

Here are some of the things to research or check about your own fund/s:

  1. Do you have just one fund? Or many?* (you might want to consolidate but chat to an expert)
  2. What fees does your fund charge?
  3. How is your money invested?
  4. What is the balance of your super fund today?
  5. Look at the transaction history and make sure the money hitting the account (from yourself or from an employer) lines up with what it should be. Some employers say they paid your super but they didn’t really (which is super naughty). 

You can access ATO online services through myGov to manage your super at any time, or you can call your superfund for help, or log into your fund’s online platform to check it all out.  

*Having numerous super accounts may result in you paying multiple fees, lowering your overall retirement savings. Using the MyGov online services, you can combine various accounts. Before you merge your accounts, you should get information on any costs that may be incurred as well as any insurance coverage that you may lose - speak to your financial advisor and/or your superfund directly. You should choose the correct super account for you and your circumstances before consolidating your super into one account. 

You might also like our Superannuation Video covering everything you need to know, in heaps of depth. 


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