Two clicks to sort your su­per

Wangaratta Chronicle - North East Regional Extra - - NEWS -

THE Aus­tralian Tax­a­tion Of­fice (ATO) is urg­ing all tax­pay­ers to take a few mo­ments to check their su­per­an­nu­a­tion while us­ing ATO on­line ser­vices through my Gov this tax time. Deputy Com­mis­sioner James O’Hal­lo­ran said tax time is the best time to check your su­per. “Most peo­ple might not re­alise how easy it is, you just click on the su­per tab next to the tax tab while you are on­line to do your tax or check your re­turn, and you could find su­per you have for­got­ten you have,” he said. “Find­ing your lost su­per or con­sol­i­dat­ing any un­wanted mul­ti­ple ac­counts might not seem like it mat­ters to­day, but it could make a mas­sive dif­fer­ence to your re­tire­ment.” “Mul­ti­ple ac­counts that you may not be aware of means mul­ti­ple fees. “It’s your money and you should make sure it’s work­ing for you.” Aus­tralians have over $18 bil­lion in lost and un­claimed su­per. If you have ever changed your name, ad­dress, job or lived overseas, chances are you may have lost su­per wait­ing to be claimed. Dur­ing the last five years more than $10.7 bil­lion of su­per has been con­sol­i­dated from over 2.1 mil­lion ac­counts through ATO on­line ser­vices. Another im­por­tant thing to re­mem­ber this tax time is the new su­per de­duc­tion avail­able to help Aus­tralians set them­selves up for the fu­ture. Most peo­ple un­der 75 years of age can claim a tax de­duc­tion for per­sonal af­ter-tax su­per con­tri­bu­tions. Per­sonal su­per­an­nu­a­tion con­tri­bu­tions de­duc­tions (PSCD) pro­vide a level of flex­i­bil­ity for young peo­ple that change jobs fre­quently, self-em­ployed con­trac­tors, small busi­ness em­ploy­ees, free­lancers and peo­ple whose em­ploy­ers do not of­fer salary sac­ri­fice ar­range­ments. “Be­ing able to claim a de­duc­tion for af­ter-tax per­sonal su­per con­tri­bu­tions could ben­e­fit mil­lions of Aus­tralians and is one of the most sig­nif­i­cant changes to the tax sys­tem this year,” Mr O’Hal­lo­ran said. To get a de­duc­tion for any per­sonal su­per­an­nu­a­tion con­tri­bu­tions you made in 2017/18 you must lodge a no­tice of in­tent to claim a de­duc­tion with your fund and re­ceive a con­fir­ma­tion let­ter from them be­fore lodg­ing your tax re­turn. For more de­tails on lost su­per, see ato.gov.au/In­di­vid­u­als/Su­per/Keep­ing-track-of-your­su­per/; or for in­for­ma­tion on per­sonal su­per con­tri­bu­tions de­duc­tions see ato.gov.au/In­di­vid­u­als/Su­per/Grow­ing-your­su­per/Adding-to-my-su­per/Per­sonal-su­per-con­tri­bu­tions/.

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