Skip to main content

Have you been paid your super? It pays to check!

For those of you currently employed on a salary, your employer pays your superannuation fund 9.5% of your earnings payable each quarter. This is known as the Superannuation Guarantee (SG) contribution. Some employers choose to pay monthly. However, most pay quarterly and today (October 28th) is the payment due date for the July -September quarterly payment. Have you been paid your contribution? It’s important to keep track of these payments. It’s your money and it will play a big part in your retirement. The other thing to consider is where this money is invested. Most Australian’s have some level of exposure to the local stock market via their superannuation. Over the last week or so, our stock market has declined by around 4%. What this means is that when your SG payment is made (hopefully by today), it will be invested within your super fund. With stock markets being down a bit, your super fund will be purchasing assets at a cheaper price. Is this important? Trying to time investments is very difficult and often, people get it wrong. Buying at the bottom and selling at the top sounds great in theory but almost impossible to achieve consistently. Having said that, your super payment is due to you. Markets are down a little, your super fund should receive a bit of a boost because of this. At Hindsight Wealth we monitor our clients SG contributions. Who’s monitoring yours?

Popular posts from this blog

Are You Entitled to Long Service Leave in the Mining Industry?

I often get asked about eligibility for long-service leave.
There seems to be a little bit of confusion surrounding this topic. 
Traditionally, long service leave applies to an employee who has been with the same employer for several years (typically 8-10).
Depending on the industry, an amount of leave is available after that time.  For example, some industries provide 1.3 weeks of long service leave for each completed year of service.After 10 years they are eligible for 13 weeks.
Of course, if you leave that employer prior to the 10 years, it’s unlikely any accrued amount will be paid out and in most cases, it’s not transferable to the next employer.
In the Coal Mining Industry, things are a little different.  In 1992, the Australian Government introduced the Coal Mining Industry (Long Service Leave) Administration Act.
It’s a complicated piece of legislation.However, the idea is to allow eligible employees to transport their accrued long-service leave from one employer to the next. 
Eligi…

Do Aussies Still Want a Job in The Resources Industry?

Last week I read an article titled “Why Aussies aren’t rushing to fill the thousands of vacant mining jobs.”  See the below article extract:
“As the limping industry picks up again, and global companies including BHP, Rio Tinto and Fortescue start construction on new mines, a lot of Aussies who made those exact companies millions of dollars aren’t as ready to jump on a plane.

Five years ago, Australia was in the middle of one of its biggest mining booms in history.

Thousands of people became fly-in, fly-out (FIFO) workers, spending four weeks battling through 12- hour days and then jetting back home for a few days to see their families — before doing it all over again.

The salary was great, often cracking more than $150,000, but the sacrifice was even greater.

The FIFO profession earnt itself such a bad reputation that a number of Aussies who worked in the first boom have said there’s no way they’d go back again.”

Obviously, this is not a new school of thought for some of us.In fact, I’ve p…

Unlocking the Mystery of your Super Statement

Superannuation statements. Boring, right? But if, like many people, you toss your annual super statement in a drawer or hit delete, you could be depriving yourself of many thousands of dollars just when you need it. It’s worth the small effort to take a closer look at your superannuation statement. If everything is in order, you’ll get a warm glow from watching your nest egg grow. Conversely, a quick check of your statement may reveal some of the common problems that occur with super; and the sooner these are fixed the quicker your savings can increase. What to look for The layouts of statements vary between super funds, but there is standard information that must be provided. Some items may appear in summary form, with a detailed breakdown shown elsewhere. Here are the key things to look for: ·Contributions or funds in. This will cover employer and personal contributions, government contributions and rebates, plus any rollovers. If you’re an employee earning more than $450 per month, yo…