July/August - MTA

Three Simple Rules for Smarter Super
Search for lost super, consolidate your funds, and make the most
of government co-contributions.
Rule 1: What’s missing? Search for lost super
Rule 3: Take advantage of co-contributions
Super is your money. Don’t ignore it. One in two working
Australians has an unclaimed super balance, and there is
currently more than $12.9 billion in lost or forgotten super,
according to AUSfund, one of Australia’s largest unclaimed
super funds. How does it happen? If you’ve had more than
one job, chances are there is more than one super fund
account with your name on it. If you’ve moved house,
changed names or employers, your old fund may have lost
touch with you. Why not claim what’s yours and roll it
into your MTAA Super account? It’s easy to arrange.
Action plan: Visit the AUSfund unclaimed super website,
www.unclaimedsuper.com.au or call AUSfund on
1300 361 798; visit the Australian Taxation Office (ATO) website,
www.ato.gov.au or call the ATO on 13 28 65.
Rule 2: Get it together! Consolidate your funds
Now that you’ve searched for and found any ‘missing’
money, check your files at home to see if you have any
other super fund statements. If you have several accounts
you could be losing money by paying multiple fees or even
multiple insurance premiums. It may be better value for
you to consolidate all of your super into your MTAA Super
account, with one set of low fees and one lot of affordable
insurance cover. It’s important to consider any exit fees
you might have to pay or any loss of benefits from other
funds, for example insurance.
If you plan to roll over your super into MTAA Super, it’s
essential that you receive written notification from MTAA
Super that your insurance arrangements have been
accepted before you cancel your existing insurance cover
with your other fund. Before deciding whether
consolidating is right for you, we recommend that you seek
personal financial advice from a licensed financial planner.
Action plan: If you decide to rollover your super into MTAA
Super, fill in a rollover form for each account you want to
consolidate. The form is downloadable from our website,
www.mtaasuper.com.au, or call us on 1300 362 415.
Send your completed forms to MTAA Super and we will forward
them to your other funds.
This may sound too good to be true, but you can receive up to
$1,000 from the government by simply making contributions to
your super.
How does it work? The government ‘co-contributes’ $1 for every
eligible $1 you contribute from your after-tax income. This goes
up to a maximum of $1,000 if your total income (including
certain fringe benefits and salary-sacrifice contributions) is less
than $31,920 in this financial year and you are under 71 years
old. If you earn more than $31,920 you are still eligible for some
co-contribution, up to a total income (including certain fringe
benefits and salary- sacrifice contributions) of $61,920.
Action plan: This couldn’t be easier. Make additional after- tax
contributions to super, and the government co-contribution will
be taken care of by the ATO as long as you submit a tax return
and we have your tax file number. If you have any questions call
our Customer Service Centre or visit the ATO website,
www.ato.gov.au.
A Little More Now Equals a Lot More Later
These three simple rules will get you started, but there are many
other smart ways to increase your retirement savings. Remember
that the more you contribute now, the more time your money
has to grow and earn compound interest (interest on interest)
over the long term.
MTAA Super has a fact sheet called Making Extra
Contributions that you can download from our website,
www.mtaasuper.com.au, or ask our Customer Service Centre
to send it to you. You can also ask us about attending an MTAA
Super seminar, where these easy steps and more will be explained
in detail.
For more information please
contact your local representatives:
Craig Walker on 0417 833 011 and
Asta McCormack on 0406 375 230
or visit www.mtaasuper.com.au
Important information
The information in this article is provided by Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628 AFSL
238718), Trustee of the MTAA Superannuation Fund (MTAA Super) (ABN 74 559 365 913). Any advice contained in this article is of a general
nature and does not take into account your objectives, financial situation or needs. The MTAA Super Product Disclosure Statement (PDS), an
important document containing all the information you need to make a decision about MTAA Super, can be obtained by calling MTAA Super
on 1300 362 415 or from www.mtaasuper.com.au. You should consider the PDS in making any decision about MTAA Super.