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

What is Employee Superannuation?

If you're a working employee aged 18 years or older and make $450 or more on a monthly basis before tax, your employer is required to make superannuation contributions in your place. During the accumulation phase, this amount is 9.5 percent of your wage and is paid by your employer into your selected superannuation fund; the percentage will increase over time.

You can also prefer to make payments yourself, to top up the employer contribution.

What Is A Superannuation Fund?

Your company will need to make their contributions to a super fund in your place.

In a lot of cases, you get to choose which superannuation fund you wish to choose. In other circumstances, there may be a relevant work privilege or a stipulation in your employment agreement that dictates a default fund, which you have to use. It's best to check with your company if you are uncertain of this matter.

You'll need to take your age into consideration when selecting a fund. If retirement is quickly approaching, a conservative fund might be your best alternative - with less time in your corner, you won't be able to decide whether to choose short- to medium-term compared to someone who is younger.

By contrast, if you're relatively new to the workforce, a fund with a more aggressive investment method could be ideal for you. While there's a possibility of experiencing losses, you can usually ride these losses out gradually and experience favourable growth overall.

How Can I Improve My Superannuation?

While company contributions will help create a healthy retirement fund, it's a smart move to make extra contributions, whenever possible.

You can ask your employer to contribute added money to your superannuation from your salary, which is called an income sacrifice or concessional contribution. This is made before your income is taxed. For numerous people, this is a beneficial option, as the cash is taxed at the concessional rate of 15 percent.

Additionally, you can make non-concessional contributions. There is a limitation to the level of such contributions, nevertheless. If you surpass it, there is a significant tax rate applied to the subsequent amount.

Finally, be sure to inspect how many super funds you have! If you have switched employers, you might have more than one superannuation account, which could be sucking up precious money in extra charges. You can learn how to find and consolidate super by calling us at 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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