Consolidating superannuation funds
ASFA found more than 60 per cent of young Australians have multiple super accounts due to lethargy in consolidating them and 30 per cent report trouble in finding old accounts, despite ready online access available via My Gov. If you have a full time, part-time or even casual job and you earn more than 0 in a calendar month your employer is required to make super contributions to a fund on your behalf at the rate of 9.5 per cent of your wages.If you are aged less than 18, super contributions are only payable if you work more than 30 hours per week.Castle Hill NSW 2154 Corporate Authorised Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL 221557 This information has been prepared without taking account of your objectives, financial situation or needs.Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.
Consolidating your super into just one account is only a few clicks away once you have mastered your My Gov login.
Your client may love you but their beneficiaries may come looking for someone to blame if an unsigned deed means a compliance breach with heavy tax or administrative penalties. I hope this guidance has been helpful and please take the time to comment. Please reblog, retweet, like on Facebook etc to make sure we get the news out there.
As always please contact me if you want to look at your own options.
The Australian Taxation Office (ATO) can also help you with information and advice on your super entitlements and recovering any contributions your employer has not paid. Each account will typically have a fixed administration charge of at least 0 a year.
The more accounts you have, the more administration fees you will pay.
The trust deed must be: I take over management of a lot of funds and we are seeing many cases where the original trust deed was signed correctly and dated but a subsequent update or deed of amendment is sitting on the file unsigned or undated. As the Trustee of your fund it is your responsibility to ensure that deeds are legally compliant, signed and up to date.