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Your Super Funds Might Need A Checkup – Do You Know Where To Look?

When it comes to your retirement funds, you want to ensure that you have an amount in your superannuation fund that will allow you to live comfortably. That’s why you may want to examine it closely and make sure that you aren’t losing out on money that could be going towards your retirement. Checking it regularly can help to prevent this – but so can consolidating your super and ensuring that you aren’t paying extra fees on multiple accounts.

If you have ever changed your name, address or job, your fund or the ATO may not have your current details, which can result in your super becoming ‘lost’ or unclaimed. It might also lead to having multiple super accounts, which could result in additional fees being paid for those super funds.

With the introduction of stapled accounts coming into play later this month, this may not be of such concern to those entering the workforce. But for those who may have been in the workforce for a while, superannuation is something that you should be closely examining.

This process does not have to start when you’re about to retire. If anything, keeping track of your super and catching where it might be losing money is far better to do sooner rather than later.

You may find additional superannuation funds in:

  • ATO-held super
  • “Lost” super
  • Unclaimed super
  • Unmatched super
  • Multiple accounts that you may possess.

One of the reasons for the introduction of stapling of super funds to new entrants to the workforce is to ensure that you are attributed to one super fund and that it follows you throughout your career. This will reduce the likelihood of multiple super accounts being opened in your name, reducing the fees that you may have to pay and generally ensuring that your funds will be in the one place.

Superannuation can be a tricky subject. Make sure that you speak with your superannuation provider about any queries that you may have. You might be able to speak with us if you are looking to plan out your retirement, or for additional financial help.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

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Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

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I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

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John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier