I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Want A Bigger Superannuation Balance? Here Are A Few Things to Ponder

You do not have to count on just the compulsory super contributions of your employer to witness your superannuation balance increase. There is stuff you can do today to maximize your superannuation savings and a few of them do not even entail you to use any of your cash.

1. Find your lost super
There are more than 6 million superannuation accounts valued $16 billion that wait to be claimed and a few of it may be yours. If you have had over one employer over your working life's course, you could have superannuation sitting in numerous accounts and do not have any idea they exist.

2. Consolidating super
The SuperSeeker by ATO also allows you to combine your superannuation into an account. This could lessen overall administration payments and make superannuation simpler to control.

Before making any alterations to your superannuation, it's important to think about exit fees as well as how tax, investments and any current insurance arrangements could be affected. Financial advisers can help guarantee that you maintain sufficient levels of cover.

3. Salary sacrifice

Salary sacrifice is planning and deciding with your employer to contribute some of your concessional (before-tax) income into your superannuation fund. It could be a strategy that's tax-effective, but you should pay attention not to pay more than the contribution limits. Income tax does not apply to such contributions in the contribution limits instead, they're taxed at merely 15%.

4. After-tax (non-concessional) superannuation contributions

These originate from sources that have been taxed already for example, savings, spousal contributions, or an asset's sale. Under particular limits, no further tax is to be paid on these contributions.

5. Maximize the co-contribution scheme of the Government

If you decide to make non-concessional contributions and earn not more than $50,454 in the 2015-2016 financial year, the Government may increase your superannuation balance by $500. You can learn more about your entitlement at the ATO's website.

6. Acquire a "Spouse Contributions Tax Offset" if your spouse is a low-wage earner

If your spouse is eligible, and if you make super contributions for them, then you could acquire a tax offset. Your contribution is limited to $3,000, possibly providing you with a tax offset of $540. More info, including further particulars on the important entitlement criteria, is accessible at the www.australiansuperfinder.com.au website.

It can aid to consult a financial adviser, guiding you through the methods you can make superannuation buckling down for you.

Lastly, we suggest that you obtain expert taxation advice before doing any transactions. Call our experts now - 1300 252 167

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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