Do you know how your super is performing?

Mobbs & Company have a specialised team to assist with all your Self Managed Superannuation Fund needs.

We can assist with all areas of our Superannuation Fund, from setting up your SMSF to preparing your Financial Accounts and Taxation Returns. Our qualified staff are here to assist you; whether it is borrowing through your superannuation or any queries that you may have in between.

You can be assured that we can simplify your affairs and offer you the accurate and professional advice that you need, in a timely manner.

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Accounting News

Unclaimed Monies - Christmas Project?

Against the background of an increasing government deficit, further superannuation accounts will be transferred to government coffers.

 

 

The threshold at which superannuation is said to be “lost” will increase to $6,000 on 1st January 2017.

A simple example of lost superannuation can easily occur where a worker changes job and changes address.  Contributions by that employer to the superannuation fund could stop and mail to the member at home will be returned to the superannuation fund.

The governments soft sell on this is that they will be able to match up superfund balances with members.  That can occur if the superannuation provides the government with the member tax file number.  But any life insurance benefit will disappear.

A worker with multiple jobs over the years may have multiple superannuation funds having to go to some lengths to claim them back, after it is transferred.  Hence, the Christmas job to check the possible locations of past employment related superannuation and to prevent it becoming “lost” by notifying of new address, making a contribution (e.g. $1) or consolidating.

 

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