Find your lost superannuation
We can put you in touch with a licensed superannuation adviser who can assist you to find lost super. It’s a very simple process and you have two options.
Option one – MyGov
MyGov is a web-based Federal Government resource that enables you to access Government services online.
To begin, visit https://my.gov.au/LoginServices/main/login?execution=e2s1 and create an account. Once your account has been established, you will need to link your MyGov account to the Australian Taxation Office, input the required information and follow the prompts to find your lost super.
Option two – letter of authority
Once you have signed a Letter of Authority, the adviser sends this to all super funds who will conduct a search for lost superannuation. This process usually takes three working days.
After completing either Option 1 or Option 2, if lost super is found, the adviser can then consolidate your superannuation and provide you with options that may include a review of your superannuation and investment strategies.
Get specific advice on a possible super fund property investment option
A property investment is part of your retirement savings plan. Therefore, it is important you consider all options including seeking specific advice from a licensed professional so you can understand how funds are invested by your super fund.
Everyone’s financial situation and investment requirements are different. That’s why large super funds offer you a choice on how your superannuation is invested. Super funds offer a range of different investment portfolios or you can elect to put part or all of your superannuation into a self managed super fund. It’s your choice on how you diversify your superannuation over multiple investment portfolios.
Super fund earnings are taxed differently to your other income which can make investments within a super fund very attractive. If your income is less than $250,000 per annum, the maximum tax rate on super fund earnings is 15 percent, compared to a tax rate applied to earnings outside of a super fund which could be up to 45 percent.
We can refer you to an expert to investigate the advantages of super funds. Here are some points you may wish to explore with your adviser.
If your spouse is taking time off work to raise children or working part time, consider boosting their super during this time so they benefit from extra contribution to their super fund and the additional earnings from interest taxed at lower rates over time.
If your spouse’s income is $37,000 or less, you can make spousal contributions up to $3,000 to their superannuation account and receive an 18 percent tax offset – a maximum of $540. The offset phases out when your spouse’s income reaches $40,000.
There are two types of superannuation contributions: before-tax and after-tax and both are taxed differently
These include compulsory super contributions made by your employer and salary sacrifice contributions. Salary sacrifice contributions to your super attract 15 percent tax which is lower than the tax rate you pay on your take-home pay.
After-tax contributions are made from your take-home pay. Therefore, if you find yourself with some spare money that you would like to add to your retirement savings, you can deposit this money into your superannuation account. Superannuation laws, in most circumstances, allow you to claim a tax deduction for extra super contributions even if your employer is paying the Super Guarantee Contribution.
Additionally, if you have less than $1.6 million in your superannuation account, you can make after-tax contributions of $100,000 over three years to increase your retirement savings in a 15 percent tax environment, by up to $300,000. These funds can be drawn from private savings or equity in your home and are available tax-free when you retire.
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