Should I consolidate my super? There are many reasons to consolidate your super into a single fund but fees and the convenience of monitoring a single fund are dominant motivations. Reduce Fees Multiple funds means duplicated fees. Typical fees are; Member fees – these are administration fees that will be duplicated in multiple funds. Investment
What types of funds are there? The table below shows how the superannuation sector is divided up. Superannuation fund types Total assets ($billion) Small funds (APRA and Self Managed funds) 597 Retail 541 Industry 446 Public sector 354 Corporate funds 54 1. Small funds (a) Self Managed Superannuation Funds (SMSFs) An SMSF must have between
How much can I contribute? There are contribution caps on how much you can contribute without incurring a penalty. Tax concessions entice members to contribute to their super but exceeding the limits carries severe penalties. Concessional contributions SG contributions Salary sacrifice contributions. Personal contributions by self-employed persons for which they have claimed a tax deduction.