Andrew Proebstl

The end of a financial year is an excellent time to check in on your personal finances to see whether there are simple and easy changes you can make to better secure your future.  The good news is that there are often relatively easy and quick things that can be done that can increase the likelihood of living the life you want in retirement for both yourself and your family.

In support of the day and this year’s theme, on 8 March we are all encouraged to “Imagine a gender equal world. A world free of bias, stereotypes and discrimination. A world that's diverse, equitable, and inclusive. A world where difference is valued and celebrated. Together, we can forge women's equality. Collectively we can all #BreakTheBias.”

Stapling is the prevention of unintended multiple accounts (otherwise known as “stapled funds”). Simply put, this means that an employee’s superannuation account will stay with them when they change employers. If an employee changes jobs, their new employer is required to pay Super Guarantee (SG) payments into the employee’s stapled fund unless the employee completes a ‘Choice of Fund’ form nominating a different super fund. If an employee does not have a stapled fund (for example, when an employee first enters the workforce) and does not make a ‘Choice of Fund’ selection, the employer may make the SG payments into an account set up with the employer’s default fund.

From 1 July 2021, Superannuation Guarantee (SG) rates increased from 9.5 percent of ordinary time earnings to 10 percent. The SG rate is scheduled to continue to increase until it reaches 12 percent from 1 July 2025 onwards.

It’s 2021 and Australia’s gender pay gap is stuck at around 15 per cent; despite laws promoting better gender equality and evolving attitudes, women are still often paid less than men. The super gap is even greater than the pay gap. According to Industry Super Australia, on average, women retire with around half as much super as men.

No doubt your Annual Super Statement will be one of many statements or bills you receive, but it is worth the effort to take a closer look at your Statement.  After all, super is now the second highest form of savings for Australia, exceeded only by housing.

The end of a financial year is an excellent time to check in on your personal finances to see whether there are simple and easy changes you can make to better secure your future.  The good news is that there are often relatively easy and quick things that can be done that can increase the likelihood of living the life you want in retirement for both yourself and your family.

Employers who are behind in paying compulsory Super Guarantee (SG) contributions to staff have until 7 September 2020 to come forward and take advantage of an amnesty currently being offered by the Federal Government.

On 22 March 2020, the Federal Government announced it will temporarily allow eligible people to access up to $10,000 of their superannuation retirement savings in 2019-20 and a further $10,000 in 2020-21.