The sooner you make extra payments to super, the easier it will be for you to save and the better off you are likely to be in retirement.
Choosing a conservative investment option may mean a lower return than a more aggressive option. Although a riskier investment option may deliver higher returns, you can sometimes end up with a negative return, too. But history has shown the markets have bounced back. Consider your feelings about risk and choose the most aggressive option you can handle and still sleep at night. Just a warning – past performance is not a reliable indicator of future performance.
Get more information about risk.
When you rollover your super into one account, you’ll likely pay less in fees and reduce your paperwork. It may also be easier to keep track of your super and manage your investments.
Combine your super into your Tasplan account using Tasplan Online.
Otherwise, complete a Combine your super with Tasplan - Tasplan Protect 1 form or a Combine your super with Tasplan - Tasplan Protect 2 form to rollover your funds into Tasplan.
Complete the Tasplan Protect 1 form if you are a member who is not a Tasmanian State Government employee or a former RBF Tasmanian Accumulation Scheme member.
Complete the Tasplan Protect 2 form if you are a Tasmanian State Government employee or a former RBF Tasmanian Accumulation Scheme member.
Before you combine your super:
There’s $14 billion in lost super out there just waiting for Tasplan members to stake their claim.
To find out if some of this money is yours, create or log in to your myGov account and add the Australian Tax Office (ATO) as a linked service.
Make sure we have your tax file number (TFN). If we don’t, you’re probably paying much more tax than you need to.
If you earn $37,000 or less and receive concessional contributions, you may receive a LISTO payment of up to $500 from the government.
Also, if you earn less than $51,813 in the 2017-18 financial year and personally contribute to your super, the government will contribute up to 50 cents for every dollar you contribute, up to a maximum of $500, depending on your income levels.
Salary sacrifice contributions are contributions to your super that come out of your pay before tax. They are usually taxed at 15% rather than your personal marginal tax rate.
You may be able to claim a tax offset of up to $540 for after-tax super contributions you make on behalf of your non-working or low-income-earning spouse. You can also split super contributions with your spouse. There may be tax benefits, especially if one of you is closer to retirement than the other.
Find out more about spouse contributions.
Personal contributions are payments to your super from your after-tax money. They are not taxed when we receive them or when you withdraw them.
Find out more about personal contributions including how to make them.
If you are 56 or older – consider a transition to retirement strategy
A transition to retirement strategy lets you withdraw tax-free or concessionally taxed income while contributing part of your salary back to super. This may be a tax-effective strategy, which can help boost your retirement savings.
Find out more about transition to retirement.
Financial advice can help you save money, keep you on track (especially if you sometimes put things off) and work out how you can get the most from tax and government entitlements. You’ll come away with more financial security and peace of mind.
Bonus – you can generally pay your fees out of your Tasplan account, so the cost of financial advice won’t affect your take home pay.
For an appointment, email us at firstname.lastname@example.org or call us on 1800 005 166.
Put a rocket up your super. Check out our Retirement $ projector