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  • Say ‘I do’ to super this tax time

    The Australian Taxation Office (ATO) is encouraging all Australians to commit to growing their retirement savings this tax time.

    Assistant Commissioner Graham Whyte said that the end of the financial year is the best time to take stock of your super.

    “It’s so easy to take a few moments to check on your super while you’re already using ATO online services through myGov.

    “Just click the super tab on the ATO online home page to see your fund details, employer contributions, ATO-held super and more.

    “Checking on your super has become even easier this tax time, with new reporting requirements giving employees near real-time visibility over their employer super contributions.

    “Greater visibility of super will help Australians identify if their super is not being paid, and will provide more control over their retirement savings.

    “Checking your balance, consolidating multiple accounts, or making an after-tax contribution are easy ways to boost your balance for retirement”, Mr Whyte said.

    Personal super contributions made before 1 July will be deductible this tax time. To get a deduction for any personal super contributions made in 2018–19, taxpayers must lodge a notice of intent to claim a deduction with their fund and receive a confirmation letter from the fund before lodging their tax return.

    If you are on a low income, making an after-tax contribution before 1 July could also attract a government co-contribution of up to $500.

    “We know most people think of super as something that goes on behind the scenes, however, I’d like to encourage everyone to set aside a bit of time to engage with their super.

    “Taking this time every year is a great practice to ensure the continuous growth of your nest egg”, Mr Whyte said.

    For more information on making after-tax contributions, visit ato.gov.au/Individuals/Super/Growing-your-super/Adding-to-my-super/Personal-super-contributions/

    For more information on consolidating multiple super accounts, visit ato.gov.au/Individuals/Super/Keeping-track-of-your-super/

    The five-step check

    There are five simple things you can do that can make a difference to your super savings over time, meaning more money for you when you retire:

    Protecting retirement savings from fee erosion or unnecessary insurance

    Law changes starting 1 July 2019 require super funds to transfer to the ATO accounts that have not received a contribution for 16 months and have a balance below $6,000, known as inactive low-balance super accounts. The changes protect people’s retirement savings from fee erosion.

    We’re expecting millions of inactive low-balance accounts to be transferred to us in 2019–20. Where possible, we will proactively consolidate inactive low-balance accounts into active accounts – reuniting people with their super. If we hold your super, you can claim it from us anytime.

    For more information, visit Keeping track of your super and Inactive low-balance super accounts on ato.gov.au.

    Last modified: 21 Jun 2019QC 59397