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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

Why Two Nest Eggs Are Much Better Than One

Being single is not a bonus when it comes to taking advantage of the superannuation reforms revealed in last week's Federal Spending plan.

However, having a spouse can be fantastic for your financial health, the experts stated, because it enables you to capitalise on a lot of the super rewards and easily capture new contribution caps.

Spending plan changes included remarkable cuts to just how much money people can take into their superannuation each year, and a $1.6 million limit on the amount from each retired person can move into a tax-free personal pension.

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Topping pre-tax contributions at $25,000 from July 2017, below the current caps of $30,000 for under-50s and $35,000 for over-50s is the biggest federal government revenue raiser of all the superannuation reforms and has produced the most controversy. However, Baillieu Holst financial consultant Helen Dundon states that super still offers exceptional tax concessions. She says that Super is still an excellent savings vehicle although it keeps getting played around with by the government.

Couples who plan to put twice as much into their combined superannuation each year, and divided their contributions to help one partner catch-up.

Dundon says that she has consistently been a huge fan of splitting super because you can never understand exactly what's coming, and even more so now.

She says the lower caps indicate that couples need to aim at putting away more money earlier in life if they want to build bigger savings, although under-40s are frequently much better off paying down a home mortgage if they have one.

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The more you do at a younger age, the better you are going to be because of the time affect.

Another welcome Budget reform sets the rules around declaring a $540 tax balanced out by making a super contribution for a low-income partner. It was once only available for partners earning less than $10,800, but the Budget raises that limit to $37,000.

Dundon states that this modification brings the partner contribution rules "into the present century".

KeyInvest handling director Ian Campbell asserts that making a spouse contribution will count toward your contribution cap.

He says the penalties for surpassing the cap have to pay tax at your minimum rate instead of the 15 per cent tax rate for super, plus an interest penalty.

Campbell says that the super changes hit individuals on higher earnings the hardest, which may enhance the appearance of other possession types such as investment bonds, especially when company tax rates start dropping.

He states that financial investment bonds and insurance bonds are tax paid at the business tax rate. With a lower business tax rate, that will go to investment bonds with time.

To read more about super contributions, go to www.australiansuperfinder.com.au

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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