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So Many Ways to Review Your Super. Which will you choose?

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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…

Are you an Employer of Choice?

Since 1 July 2005, most employers have been required to give their employees a choice of fund for their superannuation guarantee contributions.
Only if the employee fails to choose or chooses a fund which cannot be used by the employer, will the employer be able to choose the fund.
You are stuck no more.Since “Super Choice” was introduced, there is now a great deal of competition in the superannuation market given that employees can choose where to put their money.
A competitive market is good for consumers with an almost limitless choice of highly developed options for employees to choose from.
So, what does this mean for employers?  Many employers have identified Super Choice as an opportunity to offer their employees a more individualised option rather than then simply nominating an off the shelf industry fund.
At Hindsight Wealth we offer this service to employers.We come in, meet with each of your staff members privately, create and present a tailored superannuation and personal insur…