Author: Recruitment Super
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Are there any super benefits offered by my company?
While saving for retirement is the core function of any super fund, many Australians are unaware of the additional benefits these funds offer. These perks can range from financial tools to discounts, potentially adding significant value to your membership. Digging Deeper Than Investment Returns While investment performance is certainly crucial, super funds often provide a…
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What happens to my existing super when I start a new job?
Starting a new job is exciting, but it can also raise questions about your finances, including your superannuation. You might wonder: what happens to my existing super when I switch employers? The good news is, thanks to Australia’s “stapling” rules introduced in 2021, your super should generally follow you from job to job. This means…
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Can I choose my own super fund with this job?
In Australia, as an employee, you most likely have the right to choose which super fund receives your retirement savings. This applies to most jobs, regardless of awards, agreements, or whether it’s your first time working. Let’s delve into how you can pick your super fund for your new position. Your Super Fund Selection Power…
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How will my new job contribute to my superannuation?
Congratulations on the new job! While you’re busy getting settled and learning the ropes, it’s also a perfect time to think about your superannuation – your nest egg for retirement. Here’s how your new job contributes to your financial future: Super 101: Employer Contributions Australian law mandates that employers contribute a specific percentage of your…
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What resources are available for learning more about superannuation in Australia?
This article explores the wealth of resources available to Australians seeking to learn more about superannuation. Government Sources: Industry Associations: Superannuation Funds: Most superannuation funds offer educational resources specifically tailored to their members. These resources may include information on investment options, contribution strategies, and retirement planning tools. Many funds also host seminars and webinars on…
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How do I protect my superannuation from fraud or scams?
Understanding the Threats: Building Your Defenses: Additional Safeguards: Seeking Professional Advice: If you’re unsure about an investment opportunity or have concerns about your super, consult a licensed financial advisor. They can provide personalized guidance and ensure your decisions align with your retirement goals. Remember: By following these steps and remaining vigilant, you can significantly reduce…
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Can I access my superannuation if I become permanently disabled?
The key factor determining early access is permanent incapacity. This refers to a permanent physical or mental condition that prevents you from ever working again in a job you’re qualified for based on your education, training, or experience. The Australian Taxation Office (ATO) clarifies that even undertaking light duties, casual work in a different field,…
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How do I claim a tax deduction for personal superannuation contributions?
Not everyone can claim tax deductions for personal super contributions. Here are the key eligibility criteria: The Process: Claiming a tax deduction for personal super contributions involves a two-step process: Important Considerations: Benefits and Considerations: Claiming tax deductions for personal super contributions can offer several benefits: However, there are also some considerations: Additional Resources: For…
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What is the role of the Australian Taxation Office (ATO) in managing superannuation?
The ATO acts as the primary regulator for superannuation in Australia. They work alongside the Treasury to administer and implement superannuation legislation. This includes: 2. Empowering Individuals: The ATO recognizes that individuals are central to the success of superannuation. They offer a range of resources and tools to help Australians understand and manage their super:…
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Can I contribute to my spouse’s superannuation?
There are several compelling reasons to consider contributing to your spouse’s super: Eligibility for Spouse Super Contributions To contribute to your spouse’s super, you must meet the following criteria: Contribution Options: There are two main ways to contribute to your spouse’s super: Tax Benefits: Spouse Contribution Tax Offset A significant advantage of spouse contributions is…