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5 Reasons to check your super statements

BY GETTING YOUR SUPER RIGHT TODAY, YOU CAN TAKE CARE OF TOMORROW.

If you’re in the earlier part of your working life, it’s tempting to ignore your super statements. After all, retirement’s a long way off – right?

 

But by ignoring your super now, you could set yourself up for a tough time financially in your later years. If you take a few minutes to check your super statement every time you’re sent it, and follow up on anything that’s not right, you’ll be taking your first steps towards a positive future.

 

Here are five good reasons to check your super statements.

1. YOUR EMPLOYER MAY NOT HAVE PAID WHAT THEY OWE YOU

If you’re over 18 – or under 18 and working 30 hours a week – and you earn at least $450 within a month, your employer is legally obliged to pay 9.5% of your ordinary earnings. Known as the super guarantee (SG), this payment goes into a super fund of your choice at least every three months.1

 

But worryingly, an ATO audit discovered that between 11% and 20% of employers aren’t making the right super contributions for their employees. In money terms, that’s up to $2.85 billion that’s missing from Australian employees’ pockets.2 Make sure you’re not part of that statistic!

 

So check your super statement to ensure your employer has paid you the right amount, on time. If they haven’t, ask them why? After all that’s your future savings.

2. YOUR FUND MAY NOT HAVE RECEIVED YOUR EXTRA PAYMENTS

Is your super statement showing your correct address? How about your email or mobile number? It may seem unimportant, but if your personal details aren’t up-to-date and you change super funds, your contributions could end up lost. If you receive your communications by mail, why not switch to email? It’s quick, secure and easy to access key information.

3. YOUR PERSONAL DETAILS MAY BE OUT OF DATE OR MISSING

Is your super statement showing your correct address? How about your email or mobile number? It may seem unimportant, but if your personal details aren’t up-to-date and you change super funds, your contributions could end up lost. If you receive your communications by mail, why not switch to email? It’s quick, secure and easy to access key information.

4. WE MAY NOT HAVE YOUR TAX FILE NUMBER

TAX, TAX, TAX. No-one likes it, but everyone has to deal with it. Do you know how your super should be taxed? Generally, any super payments from your employer or salary sacrifice payments you’ve made should be taxed at 15%, while the money you earn on your investments should be taxed at a maximum of 15%.

If your statement shows you’re being taxed more, it may be that we don’t have your Tax File Number (TFN). If that’s so, get in touch with us today and let us know your TFN. There’s no point in paying more tax than you need to!

5. YOUR INVESTMENT OPTION MAY NOT SUIT YOU

We’re living in an era of endless choice. From apps like Uber Eats to websites like eBay and Amazon, we can choose exactly what we want, whenever we want it. Your super investments aren’t any different. Super funds offer a choice of different investment options so you can pick an investment strategy that suits your age and risk appetite.


Whatever your preference, remember to speak to your adviser if your circumstances change.


Why do your investment options matter? Because super is likely to be your second biggest asset after your home, so it’s important to choose the right investment option for your circumstances and review this from time to time.

YOUR ADVISER CAN HELP

Remember, super is your money – so you owe it to yourself to check your statements to make sure everything is in order. And if you want to get more out of your super, it’s a good idea to chat to your financial adviser. You can also call us 13 13 36 if you have any questions about your statements.

Disclaimer
Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (Colonial First State) is the issuer of the FirstChoice range of super and pension products from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. Colonial First State also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. The PDS and FSG can be obtained from colonialfirststate.com.au or by calling us on 13 13 36.