Two More Rules for Young people with Super
1. Don’t lose your super
If you have had a few different part time jobs -you might have a few different super accounts.
- The $300 doesn’t seem like much now – but by the time you turn 60 it could have risen in value 10times (and why shouldn’t it be in your pocket rather than the governments!)
- Super seeker is the ATO’s website where you can see if you have any unclaimed super.
- Check out my article – Combining your super for help how to transfer your super into one main account.
2. Consider taking advantage of Co-contribution
Previously if you earned less than $28,000 you could get a bonus $1.50 for each $1 up to $1,500 if you contributed $1,000 to super.
Now the government reduced its topup from $1.50 for each dollar contributed to $1 for the
three years to June 30,2012.
For the following two years the benefit is lifted to $1.25 for every dollar invested, before
the $1.50 returns in 2014.
But putting in $1,000 and getting a bonus $1,000 is still a good deal if you have spare cash (or very generous relatives).
Research – ATO new rules – Super Co-contributions