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New Year’s resolution: getting your super in order

Thinking about your superannuation might be the last thing you feel like doing this holiday season, but you should take this opportunity to get it out of the way! Setting aside just one hour to organise your superannuation will pay off down the track, and it will stop that little voice that occasionally keeps you up worrying at night.

Here are a few things you can do to get on top of your superannuation:

1. Make sure your super fund has your TFN: If your super fund doesn’t have your TFN then your contributions will have an extra penalty tax applied

2. Check to see if you have any super with other funds from previous jobs: If you have super that is spread out between a few different accounts then it is probably being eaten away by fees. You should consolidate all of your super into a single account. Remember to do a little research into different funds and look for the lowest fees.

3. Start making additional concessional contributions: Concessional contributions are a great way to save on tax and start preparing for retirement. The earlier you start making concessional contributions the more you benefit from the miracl of compound interest.

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News

Updates to the unclaimed superannuation money protocol

January 15, 2020

The Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA), more commonly known as the unclaimed superannuation money protocol, has been updated recently to provide a clearer structure going forward.

SUMLMA provides guidance on in relation to unclaimed money, lost member accounts, superannuation accounts of former temporary residents and their associated reporting and payment obligations. The update has now added content on inactive low balance accounts.

The act now clearly defines what is an inactive low-balance account, how statements and payments work, the registering of lost members and various rules for special cases.

It is important to note that the information in the protocol does not apply to super providers that are trustees of a state or territory public sector super scheme, in which:

The protocol provides administrative guidance only and should not be taken as a replacement for the law or technical reporting specifications.