Superannuation: Mistakes Your Employer Could Be Making

July 11, 2022
July 11, 2022
You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]If you have an account you want to maintain, you must tell your employer about it. Give them the information for it so they can put your money in the right place. You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]When you start a new job, your employer may start a new superannuation account for you. If you have an old account, your employer may not be connected with it, and you may not be able to grow your investments. Some people even forget about their old accounts, losing the money inside of them. If you have an account you want to maintain, you must tell your employer about it. Give them the information for it so they can put your money in the right place. You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]When you start a new job, your employer may start a new superannuation account for you. If you have an old account, your employer may not be connected with it, and you may not be able to grow your investments. Some people even forget about their old accounts, losing the money inside of them. If you have an account you want to maintain, you must tell your employer about it. Give them the information for it so they can put your money in the right place. You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]What are the worst mistakes your employer can make? What is some free financial advice you should follow? How can you grow your super assets over time? Answer these questions and you can make the most out of the best financial advice. Here is your comprehensive guide.

Paying Into the Wrong Superannuation Account

When you start a new job, your employer may start a new superannuation account for you. If you have an old account, your employer may not be connected with it, and you may not be able to grow your investments. Some people even forget about their old accounts, losing the money inside of them. If you have an account you want to maintain, you must tell your employer about it. Give them the information for it so they can put your money in the right place. You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Your super account can create a comfortable retirement. But you can’t just put money in your account and forget about it. You need to work with your employer and make sure they are avoiding superannuation mistakes. What are the worst mistakes your employer can make? What is some free financial advice you should follow? How can you grow your super assets over time? Answer these questions and you can make the most out of the best financial advice. Here is your comprehensive guide.

Paying Into the Wrong Superannuation Account

When you start a new job, your employer may start a new superannuation account for you. If you have an old account, your employer may not be connected with it, and you may not be able to grow your investments. Some people even forget about their old accounts, losing the money inside of them. If you have an account you want to maintain, you must tell your employer about it. Give them the information for it so they can put your money in the right place. You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]Superannuations are super for good reason! Australians have more than $3.1 trillion in their super accounts. Your super account can create a comfortable retirement. But you can’t just put money in your account and forget about it. You need to work with your employer and make sure they are avoiding superannuation mistakes. What are the worst mistakes your employer can make? What is some free financial advice you should follow? How can you grow your super assets over time? Answer these questions and you can make the most out of the best financial advice. Here is your comprehensive guide.

Paying Into the Wrong Superannuation Account

When you start a new job, your employer may start a new superannuation account for you. If you have an old account, your employer may not be connected with it, and you may not be able to grow your investments. Some people even forget about their old accounts, losing the money inside of them. If you have an account you want to maintain, you must tell your employer about it. Give them the information for it so they can put your money in the right place. You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
Superannuations are super for good reason! Australians have more than $3.1 trillion in their super accounts. Your super account can create a comfortable retirement. But you can’t just put money in your account and forget about it. You need to work with your employer and make sure they are avoiding superannuation mistakes. What are the worst mistakes your employer can make? What is some free financial advice you should follow? How can you grow your super assets over time? Answer these questions and you can make the most out of the best financial advice. Here is your comprehensive guide.

Paying Into the Wrong Superannuation Account

When you start a new job, your employer may start a new superannuation account for you. If you have an old account, your employer may not be connected with it, and you may not be able to grow your investments. Some people even forget about their old accounts, losing the money inside of them. If you have an account you want to maintain, you must tell your employer about it. Give them the information for it so they can put your money in the right place. You should also keep the information for your account on hand. Tell your financial advisor about it so that they remember your account as well. You can recover an old account you have forgotten about. Contact the Australian Taxation Office (ATO) and your previous employers. You may need to give your name and current address so the ATO and employers can match your account to you. You can keep two accounts open, but you are required to pay fees for both. You should consider consolidating your accounts so you can receive the most money possible without paying additional fees.

Treating Contractors Wrong

If you work as a contractor, you usually qualify for superannuation benefits. Your employer is required to make contributions if you are paid under a verbal or written contract for your labour. But you can also get contributions if you receive money for your personal labour, such as for freelance projects. Hourly employees can qualify for superannuation as well. Yet many companies don’t know what the rules are for contractors. They don’t pay superannuation because they assume that contractors are not employees and don’t qualify. You can get your superannuation by talking to your employer and reminding them of your rights. If they refuse to pay you, you can file a complaint with the ATO. To prove that you qualify for superannuation, you can provide pay stubs or a copy of your contract. You can also give examples of your work to show that you are being compensated for personal labour. Keep in mind that you receive a percentage of your ordinary time earnings only. You cannot receive super payments based on your overtime or payments for equipment.

Misunderstanding Obligations

All employees are required to receive 10% of their base earnings in their super payments. Some employers pay 9.5%, which can lead to penalties. Make sure to tell your employer that you are supposed to receive 10%. Employers must meet four due dates for contributions, one of which occurs each quarter. Monitor your account after the due date and talk to your employer as soon as possible if they miss a payment. Some super funds and contracts require employers to pay more often than four times a year. Read the terms of your contract and keep a schedule so you know when your employer is supposed to pay. Communicate with them if they miss a payment so they don’t have to pay penalties. The government has passed laws raising the minimum to 12% in 2025. Your employer has time to adjust their policies, but keep an eye on your super and make sure they are paying you 12% in a few years.

Exceeding Contributions Caps

Your concessional contributions cap for the 2022-2023 income year is $27,500. This cap takes into account your employer contributions and your personal contributions. If you exceed this cap, you will need to pay taxes on the money you put into your super. Many people pay taxes because they don’t know how much their employer is putting into their accounts. Get a clear figure for how much your employer is putting in. You can put in some money at the end of the income year, but try to stay below the cap. This keeps you from having to worry about paying penalties by mistake.

Missing Employment Termination Payments

Your employer may give you an employment termination payment if you are laid off or if you retire. Your payment can include unused time off and other benefits. An employer is not required to make a super contribution based on unused annual leave, redundancy payments, or unfair dismissal payments. But they can make a super payment if they give you payments in lieu of notice. They must also make payments if your termination payment counts as your ordinary time earnings. Communicate with your employer so they make the right contribution. Take a look at your contract to see what your termination benefits are and what rate your super payment should be.

Making Only Safe Investments

You and your employer can grow your super holdings by investing the money inside of it. Many employers offer passively managed funds. These are funds that are designed to match the market, taking low risks with your holdings. It is okay to use a passively managed fund for yourself. But you may miss opportunities to make more money off of your super holdings. Consider opening an actively managed fund or lobbying your employer to make more aggressive investments. You can put more money into shares and real estate instead of fixed interest and cash. One strategy for building wealth is to have a mix of investments. This protects you in case one investment doesn’t work out. Some people put 30% of their money in fixed interest and leave 70% in shares and property.

Offering One Default Fund

All Australian employers must offer at least one superannuation fund. If you don’t select another fund, your money will go into the employer’s fund. However, this fund may not be right for you. It may adopt a conservative investment strategy, or it may invest in companies you don’t want to invest in. You have the right to decline to use the fund. Take a look at your other options and talk to a financial advisor about what your right move is. Try working for an employer who offers a few different funds. This lets you select investment strategies you like.

Miscalculating Income

Ordinary time earnings are your regular wage plus any paid leave, commissions, and some allowances you receive. Your overtime, reimbursed expenses, and gratuities do not count as super. Yet some employers include these benefits when they are calculating super payments. This may leave you with less money on hand to cover the bills. Look at your paystubs and contract and see what benefits count toward your ordinary time earnings. You should then look at the paperwork for your super and see how your employer is breaking down your earnings. If they are putting money in your super that should not count based on your earnings, you must talk with them right away. You may be able to transfer money out if you talk to the ATO. You should also talk to financial advisors in your area so you can correct the mistake.

Not Assisting Employees With Salary Sacrifices

Salary sacrifice contributions are a way you can reduce taxes and save money. They let you make pre-tax payments to your super out of your regular wages. If you want to make salary sacrifices, you can go to your employer and ask to set an arrangement up. Your employer has the right to turn down your request. But if they agree to it, you should sign a written contract that lays out the terms and conditions. Be very clear about how much money you want to go into your super, as salary sacrifices count toward your contributions cap. Revisit your agreement on a regular basis so you know your employer is following the rules. If you are confused about something, you should contact your employer as soon as possible.

Planning With Your Superannuation Assets

Your superannuation needs your help. Your employer may direct funds into the wrong account, causing you to miss investment opportunities. They may not pay you the correct amount, or they may not pay you any money at all. You must take the initiative. Inform yourself about your legal rights and keep an eye on the assets in your account. As soon as your employer makes a mistake, go to them and get the money you deserve. You don’t have to do this alone. Next Generation Advice provides Gold Coast financial planning resources. Contact us today.
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6 Benefits of Getting a Financial Assessment

6 Benefits of Getting a Financial Assessment

Are you looking to grow your wealth and become financially secure? When it comes to managing your finances, things can feel a little overwhelming. Many people don't bother, and that's a real shame. Getting a financial assessment done is the first step in knowing where...

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How to Create A Personal Financial Plan

How to Create A Personal Financial Plan

Millions of Australians retire each year, many of whom have strong financial blankets underneath them as they leave the workforce. Knowing how to conduct personal financial planning is a crucial part of this process. But how do you create personal financial freedom?...

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Superannuation Advice for Beginners

Superannuation Advice for Beginners

In Australia, there are 24.4 million superannuation accounts but 38% of Australians don't know how superannuation works. With a total of 84 fund providers, it can be difficult to understand super accounts. Simply learning the basics of superannuation can help you...

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Free Superannuation Advice for 2024

Free Superannuation Advice for 2024

COVID-19 has given everyone a bit of a shake-up when it comes to financial planning. It's made a lot of people reconsider their options and what they want from their life. This is supported by the required financial planning needed to achieve their retirement dreams....

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How to Build Wealth in Your 40s: The Ultimate Guide

How to Build Wealth in Your 40s: The Ultimate Guide

Are you in Australia and are looking to build wealth in your 40s? You can implement plenty of superannuation advice to help you financially during this crucial year of your life. For most people, turning 40 is a critical inflection point personally and professionally....

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Where Is the Best Place to Get Superannuation Advice?

Where Is the Best Place to Get Superannuation Advice?

An Australian couple will need an estimated $63,799 a year for a comfortable retirement. If you're single, you'll need at least $45,239. Is your superannuation giving you the results you need for a comfortable retirement? Would you like to be getting better returns?...

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The Best Financial Advice for Financial Stability

The Best Financial Advice for Financial Stability

Are you looking to achieve financial stability? Many people seek the best financial advice so that they can get their finances in order and achieve stability. Financial planning is not always easy, particularly in turbulent times like these, but there are a few pieces...

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