Superannuation

Welcome to the YOURLifeChoices Superannuation page. We are constantly updating our Superannuation News page with the latest government and industry updates. Did you know there is over 5 billion dollars in unclaimed superannuation with roughly 1 in 2 Australians losing out, Find your super money now!

Are you finding your managed industry super fund is not performing? Why not try a Self Managed Super Fund? It is easier to set up than it sounds!

67 before you get your super!

Hidden behind the budget news is the recommendation, apparently in the finally released Harmer Review and also the Henry review, to increase the age (from 55 to 67) at which super can be accessed. What will this mean?

Find your super

With more than five million unclaimed superannuation accounts reported, roughly one in two working Australians are losing out. During 2006/07 managers of unclaimed superannuation sitting in Eligible Rollover Funds made $1million in fees, based on $5.65 billion remaining in ERFs. Despite increased media coverage to highlight the issue of unclaimed superannuation, the amount continues to grow year-on-year. Find your super money now!

Government super windfall

If you think you might have some money lurking around in a forgotten super fund, now’s the time to act before it falls into the Government’s coffers.

If you have worked in Australia for any given period from 1992, it is likely that your employer will have paid superannuation contributions for you.  When you change jobs or move home, it’s relatively easy to lose track of funds holding small amounts and this is where the Government benefit.

Currently, there is $5.15 billion unclaimed superannuation sitting in approximately six million super accounts.  This means that about 50% of Australians have a little pot of money waiting to be claimed.  If you don’t remember rolling over your superfund every time you changed job then it’s possible you have some unclaimed super in an ERF as balances under $1,000 are often automatically rolled into an ERF by super funds.

With new regulations covering unclaimed super funds being introduced this year, some 1.54 million accounts which hold less than $200 will be closed and the money, estimated to be over $100 million, will be passed to the ATO.

Now is as good a time as any to trace your lost super.  To search for lost super, click YOURLifeChoices simple shortcut to the ATO’s Super Seeker.

Information provided by Jason Clarke, CEO, Superratings Pty Ltd.
www.superratings.com.au

Self Managed Super Fund Investment Advisers

At SMSF Investor, we specialise in self managed super. We educate and advise self funded retirees in the areas of superannuation and stock market investing so they can make the right investment decisions to reach their financial goals in retirement.

We do this through a range of products and services such as our SMSF Investor course, which is designed specifically to address the needs of SMSF trustees who want to take back control of their superannuation and make their own investment decisions.

For investors who prefer to have some guidance on which securities to include in their investment portfolio, we also offer a general investment advice subscription service which provides security recommendations and a monthly newsletter on the most appropriate securities to invest in. Our course and advice service could literally save you thousands of dollars in investment fees and commissions alone!

We also provide our clients with a professional and reliable SMSF set-up and administration service and low cost stockbroking execution service. Both these services are provided through our third party affiliations with highly reputable accountants and stockbrokers.

So, if you are looking for a complete and professional service to successfully manage your superannuation and build an investment portfolio that best suits your individual requirements, look no further than SMSF Investor and join the increasing number of self funded retirees who are taking back control of their life savings.

Call 1300 830 320 or visit our website at www.smsfi.com.au for more information on how we can help you and to register your details for our FREE Newsletter.

Clarifying super rules

In July 2009, the Government implemented changes to superannuation concession contributions. With hefty tax implications for excessive contributions above the new levels, it’s important to understand how much salary you can sacrifice.

From July 2009, the new limits on how much can be contributed to superannuation at a preferential tax rate are as follows:
§ $25 000 per annum (indexed) for those under 50 years of age, and
§ $50 000 per annum (not indexed), for contributions made before 30 June 2012 if they are at least 50 years of age at the end of a financial year.
This means that an individual under 50 can contribute up to $25,000, including statutory employer contributions, and have this amount taxed at 15per cent once it enters a superannuation fund.  If you contribute more than $25,000, this amount will be taxed at an addition 31.5per cent so that the total amount of tax withheld on contributions is equal to 46.5 per cent – the highest marginal tax bracket plus Medicare levy.  The same tax amounts will also be applied to contributions over $50,000 for those who qualify for this amount.

Keeping this in mind, it is worthwhile checking with your super fund the amount of contributions you are making and how they are being taxed.  For more information on superannuation tax rates, visit the Australian Federal Government website.

Simpler super

ASIC has released a Regulatory Guide 200 Advice which means super fund trustees and financial advisers are now able to offer more information and advice to members about that members own savings. Put simply, this should make it much easier for members to receive no-cost updates on their super savings.

This move, announced by Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen and the Minister for Finance and Deregulation, Lindsay Tanner, means basic financial advice pertaining to a member’s superannuation should now be both accessible and affordable, if not free. It should be noted this change applies to “intra” fund investments and related insurance and does NOT cover advice about switching funds or general retirement planning. To read the fine print, visit the ASIC website here