Boost your super
Depending on how you see your retirement, the Super Guarantee might not be enough to fund the lifestyle you want after work. Here are some strategies to help give your super a boost.
Things you should know
This is general information only and does not constitute any recommendation or personal advice. It has been prepared without taking account of your objectives, financial situation or needs.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. It has not been prepared by a registered tax agent. You should seek independent professional tax advice from a registered tax agent about any liabilities, obligations or claim entitlements that arise, or could arise, under a taxation law.
Superannuation is a long-term investment. The Government has placed restrictions on when you can access your preserved benefits. The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. In addition, the Government has set a non-concessional contributions cap. For more detail, speak with a financial adviser or visit the ATO website.
There is no charge for accepting any rollovers, however before requesting the rollover, you should check with your other fund(s) to determine whether there are any exit fees for moving your benefit, or other loss of benefits (e.g. insurance cover). There may be limited circumstances where your employer is not required to accept your Choice of Superannuation fund form e.g. if you have already exercised Super Choice in the last 12 months.
This information may contain material provided by third parties and is given in good faith and has been derived from sources believed to be accurate at its issue date. Information that has been provided by third parties has not been independently verified and the Westpac Group is not in any way responsible for such information.
© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714