Live fast. Quit rich.
If your super could use a leg-up, don’t stress. We know you’re busy but take five to check out these super savvy saving tips. They could have you laughing all the way to the bank in record time:
1. Find lost super.
This is easy and free. If you’ve left previous jobs you may have super sitting in another super fund which has lost track of you or doesn’t have your current personal details. This is your dosh, so track it down by visiting the Lost Member Register on the Australian Taxation Office (ATO) website at www.ato.gov.au or phone 13 28 65. Once you’ve found your super, you can roll it over to us. Just download the Rollover Form from virginmoney.com.au and we’ll do the rest for you. Before you rollover, check you’re not going to get whacked with Exit Fees or lose insurance from your old funds.
2. Make the most of our super low fees!
Fees can make a huge dent in your account balance. That’s why Virgin will always keep its fees super low. And with our new tiered fee structure, the more cash you have in your stash, the lower your fees will be.
3. Set up your SG Contribution.
Make sure your money’s working as hard as possible once it’s with us. If your employer isn’t already paying the compulsory 9% p.a. (ie the Super Guarantee Contribution) of your ordinary time earnings into your account, you may be able to choose Virgin Super for future employer Super Guarantee Contributions (SGC) by filling out the Super Choice Form. Check with your boss to see if choice of fund applies to you!
4. Chip in after–tax money.
Get more with your super by making after-tax contributions. Not only will you be adding to your account balance, you might also qualify for the Government co-contribution.
The co-contribution is a Government freebie and too good to pass up. For every $1.00 you put in, the Government chips in $1.50 up to a maximum of $1,500 a year, provided your annual assessable income is $30, 342* or less. The amount you get reduces to nil once your annual income hits $60,342*. It’s worth checking out and you don’t even have to apply! See how much you could get by visiting www.ato.gov.au
*As at 1 July 2008.
5. Make a super sacrifice.
Instead of taking all your pay home, you can ask your employer to put a certain amount of it into your super? Salary sacrificing has two big tick boxes, which all boil down to saving you money:
- you could lower your personal tax liability; and
- you’ll be boosting your account balance
Salary sacrifice contributions count as employer contributions which means they’re taxed at the rate of 15% in the Fund but you could still be better off. Whether salary sacrifice suits you really depends on your personal situation so talk to a professional adviser.
Performance to 30 June 2008
| Life Stage Tracker® – Balanced | 1 Year (% p.a.) | 2 Year compound average (% p.a.) | Compound average since inception** (% p.a.) |
|---|---|---|---|
| Under 40s (85% growth) | -11.9 | 2.6 | 6.2 |
| 40s mix (70% growth) | -9.5 | 2.9 | 5.7 |
| 50s mix (50% growth) | -6.1 | 3.2 | 5.1 |
| Over 60s (20% growth) | 0.6 | 4.1 | 4.5 |
| Life Stage Tracker® – Aggressive | 1 Year (% p.a.) | 2 Year compound average (% p.a.) | Compound average since inception** (% p.a.) |
|---|---|---|---|
| Under 40s (100%growth) | –13.4 | 3.1 | 7.4 |
| 40s mix (85% growth) | –11.9 | 2.6 | 6.2 |
| 50s mix (70% growth) | –9.5 | 2.9 | 5.7 |
| Over 60s (50% growth) | –6.1 | 3.2 | 5.1 |
| Select Your Own | 1 Year (% p.a.) | 2 Year compound average (% p.a.) | Compound average since inception** (% p.a.) |
|---|---|---|---|
| Australian Equities | -12.4 | 5.5 | 9.7 |
| International Equities | -15.1 | -1.4 | 2.8 |
| Property | -32.5 | -8.8 | -2.6 |
| Cash & Fixed Interest | 5.7 | 5.0 | 4.2 |
In case you didn’t know.
Performance can go up and down and there’s no guarantee which way it will go. So you might get back less than what you first put in because of fluctuations in investment returns and the deduction of applicable taxes, fees and insurance premiums.
Source: Marsh Mercer Kroll, 30 June 2008. Past performance is not an indicator of future performance.
* Net earnings are calculated after the deduction of applicable taxes and costs.
** “Since inception” means the earliest date that Virgin Super began investing into each investment portfolio.
For Life Stage Tracker® options, the inception date is 4 July 2005, for Select Your Own options it is 5 July 2005.