Unpaid Super from Your Employer

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

If you think you have entitled to get refund, and you didn’t get super contribution from your employer, you need to follow the below steps:

  • Firstly you should aware about that you’re entitled to get super or not from your employer
  • You can check your my Gov id and you can view your super contribution which is paid by your company employer. On the other side, your company employer must have to disclose how much super amount has been paid into your super fund. If your employer use single touch payroll reporting, ATO will get all information through STP.
  • Taxpayers can also use the estimate my super tool and you can see how much money is paid by super.
  • You need to talk regarding super to your employer and you can ask your employer how much money is being paid as super in your super fund and from which fund they are paying to in your account.
  • You can check member statements through super funds and you can confirm how much actually gets super.
  • If you feel like you haven’t got enough super from your employer and you followed all above steps, you can lodge your enquiry to ATO. Furthermore, your employer not paid super from your chosen fund.

Self Managed Super Fund

A SMSF is a private superannuation fund which can be managed by yourself with the purpose of saving at the retirement Age. and regulated by ATO.

Well, it is important to known that everybody not able to save money that way. This things is depends on risk taking, bundle of money available for only investments and individuals skills.

There are some advantages and disadvantages of SMSF funds.

Advantages of SMSF

  • You hold have power over and manage yourself
  • You’re can invest in a different assets such as a bank account, shares or real estate as you like
  • Fees are not much high compare to other. so, you can save almost 1 percents or more
  • You could get good market value and can compare
  • It suits especially to investors
  • Art and Bitcoin are allowed in certain circumstances and market

Disadvantages are:

  • need caution and discipline for the trustee to manage fund
  • need an investment plan and strategy
  • Doesn’t suite to normal investor who don’t have match cash flow
  • Generally, more risky than normal investment
  • No access to superannuation complaints tribunal

Important

If you decide to set up a SMSF, You and only you liable for your investment, even if you get professional help for investments. so be careful whenever make any investment related decision

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au