Bring it all together
If you’ve had a few jobs over the years, you probably have more than one superannuation fund. And you may want to bring all these accounts together, so you can:
- easily track and manage your super
- pay administration fees for only one account
- reduce your paperwork.
Before you do, it's a good idea to consider the following points.
When you exit or withdraw your funds, you may incur exit or withdrawal fees, which are usually deducted from your super balance. To find out what they may be, you can either check your annual statement for those funds or, if you're unsure, contact the super fund provider.
If your fund provides you with insurance cover, you will need to find out what will happen to the cover when you exit or withdraw your funds, as it will generally be cancelled or you may not be able to obtain equivalent cover in the new fund. Insurance cover is not automatically transferred when you consolidate.
Features and benefits
You may lose (or have changes to) the type of benefits and features you receive when you consolidate, so it's a good idea to compare the benefits and features of your old and new accounts, including member fee discounts and the type of investment options you can invest in.
If you have made an after-tax payment to the fund you wish to move money from, you may be eligible for a tax refund. This should be investigated and claimed prior to any consolidation. For more information on claiming a tax deduction on your personal contributions made into your super account, read our Notice of intent guide.
Want to consolidate your super?
We can help you find all your super accounts and consolidate with AMP, Australia’s favourite for super1. Or if you already know these details, we can start the process now—it’s simple and easy.
Have you lost any super?
You may have lost some of your super if like many Australians, you've changed jobs, moved house or changed your name and forgotten to notify your super fund of your new details. We can help you find any lost super and bring it together with your existing AMP account.
Visit our Lost super page and get started now.
1 Plan for Life, September 2013
Help your super grow
Superannuation guarantee (SG)
This is the 9.5% of your earnings that your employer must pay from your pre-tax salary. It is currently proposed that this will increase until it reaches 12% in 2025-26.
- Pre-tax contributions – Anything you put into your superannuation from your pre-tax income is known as a concessional contribution. If your annual salary is less than $300,000, you’ll only be taxed 15% on this, provided that you do not exceed annual limits set by the government. For the current year, these annual limits are $30,000 if you are under age 50 and $35,000 if you are aged 50 or over.
- Salary sacrificing – How about taking home less pay, in return for having more in your super? Ask your employer if you can put more of your pre-tax salary into your super, above the 9.5%. Again, you’ll only be taxed 15% on this amount. Salary sacrificing makes sense if the tax rate you’d otherwise pay on that income is higher than that 15%.
Low income super contribution (LISC)
If you earn $37,000 or less a year and put some pre-tax money into your super that year, you may be able to get a payment into your super of up to $500 per year from the Australian government. You don’t even have to apply for this, as the Australian Taxation Office will organise that payment.
Find out more about the low income super contribution.
A payment into your super from your after-tax income is called a non-concessional contribution. This money is not taxed as you have already paid tax on it at your normal rate. There is a $180,000 limit per year, for the current year, on the amount of after-tax contributions you can make.
You can make an after-tax contribution and claim it as a tax deduction. Also, that amount will only be taxed at a 15% rate. Find out more by reading our Notice of Intent (NOI) guide before you submit a tax return.
If you earn up to $34,488 a year and you put some after-tax money into your super, the Australian government can add up to $500 tax-free to your account. That $500 amount decreases by 3.33c for every dollar that your annual income is above $34,488 (in 2014/15). If your annual income is $48,488 or more, you will not be entitled to a co-contribution payment. Find out more about the government co-contribution.
Want to help increase your spouse’s super? If your spouse earns up to $13,800 a year and you put in as much as $3,000 into their super, this can get you an 18% tax offset—saving you up to $540 in tax. Find out more about tax offsets on spouse contributions
Investing inside your super
One of the biggest advantages is that what you earn in super is taxed at a maximum of 15%. As long as your normal marginal tax rate is more than that, investing inside your super may make sense. The money you put into your super can also be used to pay for insurance, usually at a tax-effective rate.
Of course, it’s important to remember that anything you invest in your super can’t be touched for quite a while. And there are less restrictions on what you invest outside it.
Important informationShow more
It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement before deciding what’s right for you. This information hasn’t taken your circumstances into account.
This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.