WEIGH UP THE BENEFITS
Before consolidating you should address all benefits and features of your other super funds against your future consolidated superannuation fund.
CHECK THE TAX IMPLICATIONS
You must check to see if your tax and preservation components of your superannuation will be impacted. Your financial adviser will be able to clearly detail this to you.
COMPARE THE FEES
When consolidating your funds there may be exit or termination fees, you need to identify these and see if they are suitable in your current situation or future endeavours.
DON’T FORGET YOUR INSURANCE
If you consolidate funds your eligibility or level of cover for particular insurances may cease or cover you at a lower extent. Make sure that you compare these policies and that it is the most appropriate for your needs.
INTENTIONS TO CLAIM A TAX DEDUCTION
After consolidating funds and you wish to make personal contributions into your fund, you must ensure that your ‘notice of intent to claim a deduction for personal contributions’ is made and acknowledged by the fund you use.
To discuss your options and you’re your current situation toward superannuation funds and your future endeavours do not hesitate to contact us and we would be more than happy to help.