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

Top 3 Ways to Save on Your Super

Superannuation accounts of Australians are constantly influenced by the recently changing investment markets and it is very easy to lose focus over your super or retirement plans due to such volatility. You may not be able to control the investment markets but you can do something to minimize the effects of these unpredictable investments. There are several ways to save on your super while dealing with the recent unpredictability of the investment markets.

See Whether Your Super Funds Contains Your TFN

Provide your TFN or tax file number to your super fund in order for your employerís contributions or concessional contributions to not be taxed at 49%, instead of the standard 15% tax. If your super fund does not have the TFN, you will not become eligible for super tax refund thatís payable by Australians whose earnings are below $37,000. Seeing whether or not your super fund contains the TFN is also important since you canít do non-concessional or after-tax contributions should your super fund be lacking with TFN.

Figure Out How Much Super Funds You Have and Keep Your Contact Details Up-To-Date

Should you lose touch with your super funds, the federal government would transfer your super money after 12 months to the ATO until you can claim it. Your money will be consolidate with revenue or the federal governmentís cash offers, and even if you do manage to claim back your money, you will be greeted with a consumer price index adjustment with no investment earnings by the time your money is gone.

Try Consolidating Your Super Accounts to Lessen Your Payable Fees

There are more super fund account in Australia than there are Australians of the working age. The APRA stated that on average, there are almost 3 superannuation accounts for every Australian of the working age. An individual may have more than 3 super accounts in super land. For each super fund you have, you can expect administration fees and charged investments. Administration fees are generally a flat rate for every super account and this means you will have to pay double, triple, or even more than the required payment in administration fees. It depends on the number of super accounts you possess. Your super funds may be automatically deducting from life insurance premiums in each of your super fund account. This means that a lot cash may be unnecessarily deducted should you hold multiple super accounts. Every step to cutting costs involves combining your super fund accounts.

If you want more tips on how to save on your super fund, feel free to read our other articles at 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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