Retirement
Changing your name, job or address enough to cut super ties
Australians who have changed their job, name, address or lived overseas probably have hidden superannuation, the Tax Office has said, calling on Australians to consolidate.
Changing your name, job or address enough to cut super ties
Australians who have changed their job, name, address or lived overseas probably have hidden superannuation, the Tax Office has said, calling on Australians to consolidate.
The Australian Taxation Office (ATO) is urging taxpayers to get their super together and protect themselves from multiple sets of fees as tax time begins.
“Tax time is the best time to check your super. Most people might not realise how easy it is, you just click on the super tab next to the tax tab while you are online to do your tax or check your return, and you could find super you have forgotten you have," deputy commissioner James O’Halloran said.
“Finding your lost super or consolidating any unwanted multiple accounts might not seem like it matters today, but it could make a massive difference to your retirement,” he continued, noting that there’s more than $18 billion in lost and unclaimed superannuation.
“Multiple accounts that you may not be aware of means multiple fees. It’s your money and you should make sure it’s working for you.”
The ATO’s online services have seen more than $10.7 billion in super consolidated from 3.1 million accounts over the last five years.
Mr O’Halloran said taxpayers younger than 75 should also remember they can claim a deduction for personal after-tax super contributions, arguing this provides flexibility for those who change jobs frequently, the self-employed, small business employees and others whose employers don’t offer salary sacrifice arrangements.
In order to receive the deduction, members need to lodge a notice of intent with their fund and receive the confirmation letter from them prior to lodging the tax return.
“Being able to claim a deduction for after-tax personal super contributions could benefit millions of Australians and is one of the most significant changes to the tax system this year,” Mr O’Halloran concluded.
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more