Make the best money moves with our digital finance platform & get your money sorted today!

You may have a default super plan that does not take your unique circumstances into account. Therefore, a super review backed by financial planning or sound general advice is needed. This practice is helpful for these reasons:

• You May Be Paying Sky-High Super Fees
• Your Super Funds May Not Be Performing
• The Super’s Insurance Coverage May Not Be Right for You

Read full article: https://mymoneysorted.com.au/super-review/

You may also consider a concessional and non-concessional super contribution if you’re thinking about growing your super over time. 

Concessional super contributions are funds that go into your superannuation account from your before-tax income. These contributions are taxed at 15%, and there’s a cap that applies each financial year. 

Below are examples of concessional contributions according to the ATO (Australian Taxation Office):

• Employer contributions, including compulsory contributions, additional concessional contributions by your employer, salary sacrifice payments, and other amounts paid by your employer before-tax income
• Contributions allowed as an income tax deduction
• Notional taxed contributions
• Unfunded defined benefit contributions
• Some amounts allocated from a fund reserve 

On the other hand, non-concessional contributions are made from your after-tax income and aren’t taxed in your super fund. These include:

• Contributions from your after-tax income that you and your employer accomplished 
• Spousal contributions
• Personal contributions that aren’t claimed as an income tax deduction
• Excess concessional contributions that you’ve decided not to release from your superannuation fund
• Contributions over your capital gains tax (CGT) cap amount
• Retirement benefits withdrawn from superannuation that you re-contribute 
• Most transfers from foreign super funds that exclude amounts in your fund’s income 

As mentioned, you may add your own money into your super savings account. The Australian Government also puts money into your super at times.

Read full article: https://mymoneysorted.com.au/how-does-superannuation-work/

Choosing the right type of super fund can be the key to long-term benefits. You should consider certain factors when you decide which of the following options would be best suited for your pension plans: 

• Industry Super Fund
• Retail Super Fund 
• Self-Managed Super Funds (SMSFs)
• Public Sector Funds
• Corporate Funds

Read full article: https://mymoneysorted.com.au/compare-super-funds/

A business is considered a small proprietary company if it meets at least two of the following conditions:

• The combined gross operating revenue for the financial year of the company is less than $25 million
• The value of the combined gross assets at the end of the financial year of the company is less than $12.5 million
• The business has fewer than 50 employees at the end of the financial year

Read full article: https://mymoneysorted.com.au/what-is-a-small-business/

The purpose of super funds is to provide a regular income stream and benefits during retirement. The early release of these funds is only allowed under certain conditions. 

Some of the circumstances which can warrant advance access to your super are the following: 

• Access on Compassionate Grounds
• Access Due to Severe Financial Hardship
• Access Due to a Terminal Medical Condition
• Access Due to Temporary Incapacity
• Access Due to Permanent Incapacity
• COVID-19 Early Release of Superannuation
• Permanently Leaving Australia

Read full article: https://mymoneysorted.com.au/early-release-of-super/

If you want to make early retirement a reality instead of just a dream, try these tips:

1. Create a financial plan
2. Pay off the home loan through extra repayments 
3. Increase your income through income streams
4. Do retirement budgeting
5. Have a plan to cover healthcare costs
6. Build the best investment portfolio
7. Boost your super funds
8. Reduce expenses to reach your savings goal

Read full article: https://mymoneysorted.com.au/early-retirement/

To determine the reasonable amount of super you should have in your account, you can look at the following data from ASFA that shows the average super balance by age and gender. 

Read full article: https://mymoneysorted.com.au/how-much-super-do-you-need/

How an Australian can access their superannuation fund is based on the super’s rules. 

A super fund usually releases funds to a member in different ways after they reach preservation age:

Lump-Sum Payment – a one-off payment that can be all or part of the super savings

Super Income Stream – the super fund pays part of a member’s super savings periodically, such as monthly 

Annuities and account-based pensions are some of the super income streams.

You can also receive super funds through a combination of the two payment methods. One example is receiving a lump sum and income stream. 

Read full article: https://mymoneysorted.com.au/transition-to-retirement/