EOFY superannuation housekeeping tips: Is my super fund working for me?
The end of the financial year is around the corner and could be the perfect time to review your superannuation. With upcoming legislation changes on horizon, you might be wondering if you are getting the most out of your super?
From July 1 2023, the superannuation guarantee (SG) rate will increase from the current 10.5% to 11%. To maximise the benefits from this added boost you’ll be getting from employers, checking in on the health of your super may be a good idea.
Lost and found: consolidating your super and claiming lost funds
Since 1992, employer contribution to super funds has been mandatory. If you’ve been at more than one job in that time, you might remember filling in forms to nominate your own super fund or your employer’s default superannuation fund. Picking the default has left a lot of people with multiple accounts they might not even be aware of.
Combine that with changed names and addresses and you have a recipe for a whole lot of unclaimed and unconsolidated super, floating around unutilised. The ATO can help you access unclaimed and lost super brought about by changes in name and address.
While multiple superannuation accounts can be an option to diversify your options, it will also result in multiple sets of account fees. Small, neglected accounts can also miss out on proper growth and attention.
Values vs. value – what matters to you in a super fund
Your super is your money and you get to choose what matters to you, whether it’s gender balanced board rooms or passing on investments in fossil fuels!
Ethical super funds are on the rise, with a core focus on sustainability and responsible investing, they allow investors to invest in alignment with their ethical standards. Four in five Australians feel that sustainable issues are important when it comes to investing their money, found in a study by the Responsible Investment Association of Australasia (RIAA).
Other funds also offer options to invest your super in more niche ways – are you passionate about renewable energy or do you want to invest according to your religion? Niche fund options make this a possibility. Many also offer the option to be riskier with investments, or allow for greater personal control over your portfolio.