Mark McGovern as an Australian working for an Australian University would benefit, as might we all, if serious issues such as those raised for Australian Superannuation were properly addressed. Dr McGovern is an economist, not a financial adviser, and these comments should not be construed as offering personal financial advice. The halving of the contribution cap for those over 50 to $25,000 and the relatively more significant role of superannuation arrangements in university remunerations mean that those earning around $100,000 annually may find a nasty tax surprise next June.
Yet it would seem that the issue has received little discussion and no carriage to the target group.
As a 50+ senior lecturer near the top of that salary range, I would soon be paying the top marginal tax rate on any superannuation contributions now deemed as “excess” in May Budget changes.
Countable contributions around 25% of gross income put any employee earning around $100,000 on the edge.
So, have Ministers Swan and Shorten replaced actors Paul Newman (“Gondorff”) and Robert Redford (“Hooker”) in a remake of The Sting, the seven-time Academy Award winner of 1973? Australian wealth levels appear to be now struggling again as recent shocks compound those of the run-up phases of the Global Crisis (GC).
Put bluntly: why pay punitive taxes on top of something “extra” to a fund that may or may not then perform?
Super changes designed to help women catch up are more likely to help high-income earning men. Opposition leader Bill Shorten says the government’s proposed changes to super are ‘retrospective’, but actually they’re not. Independently ranked as Australia’s lowest-fee retail superannuation fund, you can rest easy knowing your money is working for you.
Instead of rummaging through that drawer to find your statements, ANZ Smart Choice Super gives you three ways to keep your superannuation close — at home and on the go.
Designed to suit no matter where you are in life, your lifestage option selects a mix of investments based on your age and adjusts them as you get older. If the worst happens, it’s good to know ANZ Smart Choice Super provides automatic Death cover with the option to add Total and Permanent Disability cover. If you're after complete control of your super and retirement, a Self Managed Super Fund (SMSF) may be the ideal solution. We can help you take control of your financial future with a complete SMSF investment and administration solution. Whether you’re winding down for retirement, or simply wishing to boost your income, we have a flexible solution designed for those preparing for retirement.
ANZ Smart Choice Super was awarded the 5-star ‘Outstanding Value’ CANSTAR award in the Superannuation category in 2015. Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. Before redirecting your super or moving your money into ANZ Smart Choice Super and Pension, you will need to consider whether there are any adverse consequences for you, including exit fees, other loss of benefits (e.g. Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. ANZ does not represent or guarantee that access to ANZ Internet Banking, ANZ goMoney® or Grow by ANZ™ will be uninterrupted.
This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Download a Fund Nomination Form for Integra Super, Corporate Super or OneAnswer.You simply need to know your Member or Investor Number. Use the details below to fill out the ATO Standard choice form and to download a letter of compliance and contribution instructions to provide to your new employer. View the short video below to find out more about why you should take you super to your new job.

Keeping all you super with OnePath means you could save on fees and paperwork, and could reduce the chance of having lost super.
OnePath is one of the leading providers of financial services in Australia, including investment, insurance and superannuation.
During your working life you are likely to have several employers pay compulsory superannuation contributions on your behalf. These amounts are reported to the Australian Taxation Office (ATO) and recorded on the Lost Member Register (LMR). Find out how to register for the ATOa€™s online services or watch their video below and create a secure login. Less fees: With more than one superannuation fund, ita€™s likely that you are paying higher ongoing fees. Ease and convenience: If all your superannuation was in one fund, not only would it be easier for you to keep track of it, but you could rely on that one source for information about your superannuation. Focus: One superannuation plan ensures one cohesive investment strategy to ensure you remain focused on growing your retirement benefits.
In addition to any lost superannuation that you find, gather together copies of your old superannuation statements that you have stored away.
Complete the Zurich Superannuation Transfer Request Form (pdf 474kb)  (one for each fund you are transferring from) and wea€™ll arrange for the various amounts to be transferred to your Zurich superannuation plan. Alternatively, you can log into the ATOa€™s SuperSeeker search tool and consolidate online.
Either way, when the money is received by Zurich, we will confirm that the money has been received and how much was deposited to your account.
Remember to discuss the strategy most appropriate to your individual circumstances with your financial adviser.
Even if you are not ready to consolidate your superannuation benefits into one account, dona€™t forget to provide details of your current address to the administrator of the superannuation fund that was lost. Should you require further information about the benefits of consolidating your superannuation into one fund, please do not hesitate to contact your financial adviser or the Zurich Client Service Centre on 131 551. To register for a secure login to the ATO’s online services and SuperSeeker, you will be asked questions about your identity - the answers you provide will be checked against their records to confirm your identity.
If you've ever changed your name, address or job it is possible you may have some lost super. Once you set your investment direction, simply sit back, let it grow, and reap the rewards at retirement, right? For most people, you will see your superannuation guarantee (SG) contributions contributed on a regular basis.
If you contribute to your super regularly and follow good financial habits, you will be building your nest egg at a steady rate.
This possibility is why it’s important you always check with the Australian Taxation Office (ATO) whenever you change jobs, address or even names. Linking your TFN to your super is important. Firstly, if your TFN is not linked to your super account, you might be paying significantly more tax, depending on your situation. Typically, the closer you are to retirement, the more conservative you want you investment approach to be.
In this series of Virgin Super videos, we outlined superannuation considerations for each decade of your working life.
In addition to logging into your account on a regular basis, and checking your pay slips as they arrive, the easiest way to get a quick snapshot of your superannuation status is to review your Annual Member Statement. The ATO recommends reading through this vital document to check that your employer is paying the SG that they should be, your asset investment is what you requested, any insurance policies are appropriate, fees and charges are as expected, and your contact details are up to date. This information is of a general nature only and does not take into account your personal financial situation, needs or objectives.

Virgin Super is promoted by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395, AFSL 286869.
Virgin Life Insurance and Virgin Income Protection Insurance promoted by Virgin Money (Australia) Pty Limited ABN 75 103 478 897, authorised representative No 280884 of Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869, and distributed by TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260. Virgin Car Insurance and Home & Contents Insurance is promoted by Virgin Money (Australia) Pty Limited (Virgin Money) Authorised Representative No. Virgin Travel Insurance promoted by Virgin Money (Australia) Pty Limited ABN 75 103 478 897, authorised representative No 280884 of Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money (Australia) Pty Limited ABN 75 103 478 897 distributes the Virgin Money Credit Cards ("Credit Cards") under an arrangement with Citigroup Pty Ltd ABN 88 004 325 080 AFSL No. We use a Creative Commons Attribution NoDerivatives licence, so you can republish our articles for free, online or in print.
Our government has found a way to jump some of the income of those on around $100,000 or less onto the top tax rate, which is not supposed to kick in until $180,000. Now you are to be exposed to taxes and limitations based on estimates of something that is neither realisable for some years, nor comparable to any current-period indicators. So we’ve made it easier than ever to help you bring your super together – including any you’ve lost along the way. Both Death and Total and Permanent Disability covers are subject to eligibility and exclude pre-existing medical conditions.
Simply register for online services on the Australian Taxation Officea€™s SuperSeeker website. Super can fluctuate significantly over time, so it is generally wise to take an informed and diligent approach. However, what if we told you that there’s a chance you have more than one account, and you are paying fees for each?
In addition, you won’t be able to make an after-tax contribution if your TFN is not provided to your super fund. After all, you wouldn’t want to see your hard earned nest egg diminished by stock market fluctuations. The Trust Company (Superannuation) Limited ABN 49 006 421 638, AFSL 235153 is Trustee for Virgin Superannuation ABN 88 436 608 094.
St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover. AGA Assistance Australia Pty Ltd ABN 52 097 227 177, AFSL 245631 trading as Allianz Global Assistance issues and manages Virgin Travel Insurance on behalf of the insurer, Allianz Australia Insurance Limited (Allianz) ABN 15 000 122 850 AFSL 234708. Analysis current as at December 2015, and limited to the member, administration and investment management fees of 409 (including 85 MySuper funds) retail, industry, corporate and government super funds. Auto & General Services Pty Ltd arranges the insurance on behalf of Auto & General Insurance Company Ltd (Auto & General). Citibank is the credit provider and issuer of the Credit Cards.Virgin Money Credit Card - Fees and conditions apply. In conducting the analysis, the ANZ Smart Choice Super - 1960's diversified investment option has been compared against the main Balanced option of products contained within the SuperRatings database. The standard cover premium for Death and TPD depends on your smoking status, age and gender, and for TPD only, your occupational classification. When you know what’s going in, you can more accurately create a savings plan to reach your retirement goals.

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