How long do investment option changes take?
Learn about the timing for investment option changes and how credited interest rates are applied to your investment options.
While some prefer to wait until January 1 to set new resolutions and do a bit of life admin, here at Qantas Super we believe the new financial year is another great occasion to make sure your super is sorted.
Here are a couple of things you can do:
If you had another job before joining the Qantas Group, you may have super sitting in an old fund – but you’re not alone. According to the ATO, Australians had $13.8 billion in lost and unclaimed super as at 30 June 2020.
Lost and unclaimed super can include money spread across long-forgotten super accounts, and small balances that have been transferred by super funds to the Australian Taxation Office (ATO).
If you’ve changed your name, moved jobs, or changed address and forgotten to update your details with your super fund, you may have super that you’ve lost track of.
When this happens, your account may be deemed ‘inactive’. By law, a super fund may then be required to transfer the balance of your account to the ATO, where it becomes ‘unclaimed super’. The ATO will try to consolidate that money into another active super account that you have.
You can check for lost super online. Simply log into your account to search and combine your super in a couple of minutes.
Before you combine, it’s important to check whether any insurance cover you have with other funds will be affected.
While you’re reviewing all your finances for tax time, it’s worth taking some time to review your insurance cover to make sure it’s right for you.
Most of our members have insurance cover that’s built into their super – this means you’re automatically covered for death (including terminal illness), total and permanent disablement and, depending on your division, income protection.
However, it’s important to review your insurance cover when your personal circumstances change to ensure you have the right level of cover for you. A new addition to the family, or a mortgage, for example, could mean your insurance needs change.
You can view what insurance cover you have by logging into your account. If you have a defined benefit, you’ll need to give our helpline a call on 1300 362 967.
A Super Adviser can help you work out how much insurance you need.
The contribution caps, which specify how much you can contribute to your super each year, increased on 1 July 2021.
The concessional contributions cap, which covers the contributions your employer makes on your behalf and any contributions you make via salary sacrifice or those you claim a deduction for, has increased to $27,500 per financial year. This cap was previously $25,000 between the 2017/18 and 2020/21 financial years.
Meanwhile, the non-concessional contributions cap, covering contributions you make from your after-tax salary, such as those you make via BPAY, has increased to $110,000. It was previously set at $100,000 between the 2017/18 and 2020/21 financial years.
If you’re planning to make contributions to your super, it’s important to keep these caps in mind. You can check how much you’ve contributed under each cap so far this financial year by logging into your account.
2020 was a difficult year for many Australians. If you withdrew money from your super through the government’s COVID-19 early release scheme and have found you didn’t end up needing some or all of it, the ATO will allow you to re-contribute what you withdrew back to your super without penalty.
The ATO is currently working through the details of how they will manage this process. However, it’s expected that these re-contributions:
If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone. It’s included as a part of your membership so there’s no extra cost.