Book yourself in for the ‘super health check’ initiative
This tax time, the ATO is introducing the ‘super health check’ initiative. This consists of five simple and important things that individuals can do to get on top of their super, including:
- Check your contact details.
- Check your superannuation balance and employer contributions.
- Check for lost and unclaimed super.
- Check if you have multiple super accounts and consider consolidating, and
- Check your nominated beneficiaries.
Individuals are encouraged to complete the check on ATO online services, through myGov or the ATO app at least once a year at tax time. Alternatively, you may wish to contact your superannuation fund to perform this check.
Although the super health check can be done at any time, the ATO is suggesting individuals do it when they prepare their tax return.
This reminder from the ATO is timely given the superannuation guarantee increases to 11% on 1 July 2023.
So make sure you start the new financial year strong and get on top of your super savings.
Talk to TNR if you have any queries re this initiative.
Important: The information contained in this post / article is not advice. Readers should not act solely on the basis of material contained in this post. Items herein are general comments only and do not constitute or convey advice per se. We recommend that our formal advice be sought before acting on anything contained in this post.
