Consolidating your super funds into one account will make it easier to keep track of your money and may reduce paperwork and fees associated with maintaining the funds.
The concessional contributions cap for 2022-23 is $27,500 per individual per financial year.
From 1 July 2021, the non-concessional contributions cap is being increased to $110,000 as a result of indexation in line with average weekly ordinary time earnings (AWOTE). If you contribute more, you may have to pay extra tax.
From 1 July 2017 to 30 June 2021, the non-concessional contributions cap is $100,000.
Some Superannuation Funds allow you to make a binding nomination which removes the right of the trustees to distribute your Super benefits at their discretion. A binding nomination will give you certainty as to who will receive your superannuation benefit in the unfortunate event of your death.
The Trustee of your Super Fund is bound to pay your benefit to your nominated beneficiary as long as:
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