Consolidating your super quotes about dating men
Imagine how much more money you could be making if you rolled your accounts into one place.Having all of your super in one fund means you’re able to maximise growth and may pay less in administration fees.According to the Australian Taxation Office (ATO), more than 6.3 million people, or 45% of the workforce, were unaware that they hold multiple super accounts in 2016 – and are therefore very probably incurring more than one set of fees.In fact the ATO’s database shows that 1.2 million people are members of three or more super funds.Former CEO of ASFA Ms Pauline Vamos said, “Every dollar you save on unnecessary fees, or every dollar of lost super you find, is worth seven times more to your retirement savings.If you’ve had more than one job, chances are you also have more than one super account, especially if you have been happy to go with your employer’s default fund.
ASFA points out that the younger you are, the more you will benefit from making small changes to the way you manage your super.
If you’re self-employed and wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your original fund, before you combine your super into another fund.
To find out more about how to claim a tax deduction read our fact sheet on claiming tax deductions for personal contributions.
The more you have to invest, the faster you may be able to build your wealth for retirement.
However you should consider your insurance arrangements before consolidating your accounts. You don’t have to work extra hours or pay more into your super fund, just merge them all into one. Let’s say 00 earns 10% interest in the first year. In the second year, your original investment of 00 has grown to 00 thanks to the 0 interest. This time you get 0 worth of interest after a year. Even with this very basic example you can see how quickly compound interest grows your money.