superannuation
Job change checklist
Changing jobs is often an exciting time of life. It can also be a busy time. Following is a checklist of important items to promptly address to ensure you keep your financial well-being on track.
An example of how DIY is costly
Do-it-yourself financial planning can be costly because often you don’t know what you need to know. With a litte more knowledge you would make a more informed financial decision that can both save and make you money. This was clearly illustrated in my conversation just now with one of the other tenants in my office building. Let’s [...]
Ensure your employer paid your super last month
In a presentation last Thursday night, Australian Taxation Office (ATO) second commissioner Jennie Granger said that of the 2,200 employers selected and visited since July 2008, around 1,045 had not met their superannuation guarantee obligations. (Reported here.) With many small businesses struggling with cash flow at the moment it can be very tempting for them [...]
Industry super funds are under-performing
Industry Super Funds would have you believe that one of their logos on your superannuation statement could mean thousands of dollars more in your superannuation. What they fail to mention is that it also could mean thousands of dollars less. In a submission to the Australian Industrial Relations Commission on award modernisation and default superannuation [...]
Has some of your superannuation been stolen?
On Friday night the current affairs show, Today Tonight reported that $300 million of superannuation has been stolen by employers. It’s a shocking situation for sure. Could some of your superannuation have been stolen? The way employers “steal” your superannuation is by not paying compulsory superannuation guarantee contributions (9%) into your account on time, if ever. [...]
Superant – financial literacy for littlies
A new educational website has been launched, called SuperAnt. Anything to do with money and finance can make many people’s eyes glaze over. This is perhaps even more so with younger people who have not yet had the life experience to realise the value of money in facilitating life experiences. If you prefer to learn [...]
Chronology of superannuation and retirement income in Australia
Do you have a massive orientation towards details and would love to learn more about superannuation in Australia? If so, you are in luck as the Parliamentary Library of Australia has just published a Chronology of superannuation and retirement income in Australia. It is a wonderful resource for financial advisory geeks like me, but you [...]
Staff get more legal rights to claim superannuation in company collapses
Reported across several media outlets are the changes to laws giving staff greater ability to claim unpaid superannuation when companies collapse. Here is an excerpt from The Australian (read in full here): Under new laws, which came into effect this week, superannuation will be given the same priority as other debts and will rank equally [...]
Almost $12 billion in lost superannuation
As at 30th June 2007 there is $11.9 billion in lost superannuation, according to the Australian Commissioner of Taxation’s Annual Report for the financial year 2006-07. This staggeringly large amount of money is spread across 6.1 million accounts. That’s an average of $1,950 of lost superannuation per account. Could some of this lost superannuation be [...]
Retirement simulator launched by AMP
Today AMP launched a new online tool called the “Retirement Simulator“. I’d like to congratulate them as it is a well constructed, flexible tool for estimating how much you may need to save to achieve your desired retirement lifestyle and for that lifestyle to last until at least your life expectancy. By necessity the tool [...]
Superannuation in the showroom
“Buying a new car is exciting. There is so much choice, so many colors, body styles, engines and brands to choose from. Your budget helps narrow the choices substantially. Some brands will resonate; others will be a real turn off while practical stuff like four doors or two, work needs, number of children, hobbies and [...]
Be wary of league tables
This time every year mainstream media often report on the league tables for investments and superannuation accounts. The reports mostly talk about “the best fund”. Was your fund one of the best? Or have lost money through missed opportunity? They are unreliable If your fund doesn’t feature among “the best” don’t despair (yet). I think [...]
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