T: +61-7-3221 5677 - E: enquiries@walshs.com.au
  • Make a Payment
  • Switch to Medical Clients
  • Switch to Private Clients
  • Register on Portal
  • LOGIN

WalshsWalshs

Walshs

Walshs are leading financial advisors in Brisbane, providing accounting and strategic financial planning advice.

T: 61-7-3221 5677
Email: E : enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK AN APPOINTMENT

Walshs Insights

Super health check
Thursday, 10 January 2019 / Published in Walshs Blog

Time for a super health check

[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default”][heading] Retirement may seem like a far-off event, but your decisions now will determine how comfortable you are when you stop working.[/heading][vc_column_text]Checking that your finances are on track is vital to maximising your super, reaping tax benefits and giving your future certainty. At Walshs, we suggest the new year is a good time to prioritise a super health check.

Take the following steps for a super health check 

Check your fund is right for you

Choosing the right super fund may make thousands of dollars difference to your final super balance. Get educated on the competition, and if a comparison reveals that you are paying more and receiving less, changing funds might be just the ticket.

Your new super fund or myGov will provide you with a rollover form to fill out if you switch funds. You will also need to take out new insurance policies and select a new investment option for your new fund and pay fees to close your old account. The fees will include a switching fee and may also include whatever Capital Gains Tax is accrued from selling off your super investments. Check with your current super fund before making the change.

Merge your super

Changing jobs over the years may put you at risk of losing some of your super if your previous employers have set up accounts you have forgotten about.

Super balances are eroded by fees in inactive accounts, which is why you should merge your super accounts, so you only pay one set of fees and maximise your return on a single balance.

You may chase up inactive super accounts through your current super fund, provided they offer this service, or apply through the ATO.

Salary sacrifice

Put away more money while you can afford to, and minimise your tax burden at the same time by making additional, voluntary contributions to your super.

Concessional contributions are an effective way to reduce your tax burden by making your taxable income smaller. Voluntary contributions are taxed at 15 per cent, which may help you bring in savings on your tax bill if it is less than your marginal rate.

For your pre-tax income, you can make up to $25,000 in concessional contributions. Your non-concessional contributions are capped at $100,000 a year. Track your super contributions as exceeding contribution caps will result in having to pay extra tax.

Reassess your investment strategy

Check in on your investment strategy regularly as your shifting financial circumstances, age and retirement goals may mean it is time for a change. Aggressive and growth options are high risk, and you may have to sustain significant losses to maximise your return in the long-term.

If retirement is a long way off for you, then you have sufficient time to recover from any losses. However, as your income stabilises and your retirement comes closer, consider shifting to balanced options for moderate growth, or conservative options providing a lower return but carrying a lower risk.

If you have any questions about your super health check, make an appointment to see the Walshs team – you can now book online here – or call Walshs on 07-3221 5677.

As this advice is general in nature please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.[/vc_column_text][/vc_column][/vc_row]

  • Tweet
Tagged under: Super

What you can read next

Walshs App update GPS Logbook
Track accurate journeys with Walshs powerful GPS Logbook
New Walshs App
Walshs has launched a new app
HomeBuilder program is a welcome boost to the economy but not everyone will be eligible

Recent Posts

  • White electric car being charged at a station

    Taxation of Electricity for Electric Vehicles

    With fuel prices on the rise, along with a glob...
  • Calculator wrapped in twine on a desk with salary packaging words in blocks

    Salary Packaging

    Salary Packaging provides you with a method of ...
  • Person typing on a keyboard with overlay of digital housing image

    Tax Planning – Rental Property Expenses & Deductions

    With the end of the financial year upon us, it’...
  • House toy on a desk with person in a white shirt using a calculator to plan work out rental yield

    Rental Yield – What is it and how to calculate it

    Do you own an investment property or are you lo...
  • Person wearing a white shirt writing the words tax tips onto a blackboard with white chalk next to a drawing of a light bulb.

    Tax Planning Tips for Businesses & Individuals

    As we move towards the end of financial year, i...
awards basdges`
  • Medical Clients
  • Private Clients

About Walshs

Walshs Practice was established in 1991 and has grown to become one of South East Queensland's leading accounting and financial planning firms. Walshs encompasses tax and accounting services, business structuring, wealth advice, business services, superannuation and retirement planning, finance, insurance, lending and estate planning all under one roof.

Contact

  • OFFICE - Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS - GPO Box 12, Brisbane QLD 4001
  • TELEPHONE: - 61-7-3221 5677
  • FACSIMILE - 61-7-3221 5744
  • EMAIL - enquiries@walshs.com.au
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
© 2021 Walshs Practice Unit Trust | ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback