Guest rockpool crab

Superannuation fund?

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    Guest rockpool crab

    Hi there,

     

    My new Ozzie employer advised me to get my own "Superannuation Fund". I haven't a clue where to start or what to even look for really.

     

    Could anyone please point me in the right direction :notworthy:

     

    Thanks

     

    Carol Ann

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    They should give you a choice by law. They should at least give you the option of their preferred fund or one you wish to have. The employer is legally bound to pay 9% of your salary into a super fund. If they do not pay this, you can report them to the tax office. Super is 9% on top of your salary (not including).

     

    I'm with Australian Super but it depends on your trade. My hubby is in the hospitality industry and is with Host Plus.

     

    Have a look on the tax website www.ato.gov.au which should help you choose.

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    Guest rockpool crab
    They should give you a choice by law. They should at least give you the option of their preferred fund or one you wish to have. The employer is legally bound to pay 9% of your salary into a super fund. If they do not pay this, you can report them to the tax office. Super is 9% on top of your salary (not including).

     

    I'm with Australian Super but it depends on your trade. My hubby is in the hospitality industry and is with Host Plus.

     

    Have a look on the tax website www.ato.gov.au which should help you choose.

     

    oooo...didn't realise it was "law". Thanks for the website I'll go and have a look.:D

     

    Cheers

     

    Carol Ann

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    Hi Carol Ann

     

    Just some general advice about Super's.

     

    Industry funds are generally a good starting point for people with smaller balances and or for just using to have Employer Superannuation contributions paid in.

     

    Once these balances start increasing it may then be worth looking at other options.

     

    Super is much more sophisticated out here and you can invest your money in areas that really suit you.

     

    For example some Super funds offer Term Deposits (equivalent of UK Fixed Rate Bonds) through Banks within them.

     

    As said just general information not advice!! (sorry)

     

    Andy

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