1. Learning Intentions - students will be able to: Identify and explain 3 simple strategies to maximise their superannuation arrangements for a better retirement: Check your contributions Consolidate Co-contribute Explain the steps of nominating a superannuation account with an employer Completed all worksheets Been walked through a standard choice form Can summarise the lesson in a paragraph aimed at convincing a friend to adopt the 3 strategies Success Criteria – students have:

2. Last lesson we…. Described the reasons for superannuation existing in Australia Explained the benefits of contributing to a superannuation account Explained who has to contribute to super and by how much

3. What do I need to do about Super? When you start a new job… Check what fund your super contributions will be paid into. In many jobs, your employer is required by law to allow you to choose either the employer's nominated fund or your own preferred super fund. They must give you a standard choice form to choose your fund. What does this form look like?

4. The ‘Standard Choice Form’ The Choice! Part 1. See Form B as well. TFN – why include this? Super Fund details – Member No. (for preexisting funds), ABN, SPIN Documentation – letter from the trustee etc (all funds will provide these online for you to copy and print).

5. Strategy #1: Check your super contributions If you want to find out if you are eligible for super, or check if you are receiving the correct amount from your employer, you can use the employer contributions calculator on the MoneySmart website or the employee superannuation guarantee (SG) calculator tool on the ATO website as a guide. (Link on Wiki) If the calculator shows you have not received the right amount of super into your fund, you can print the report and show it to your employer. If the matter is not resolved, you can lodge an enquiry with the ATO. You should also check the statements from your super fund regularly to be sure your employer is paying the correct amount into the right fund. Try to resolve any errors with your employer or the ATO as soon as possible; the longer these issues are left hanging, the greater the risk of an unfavourable outcome for you. Make sure your super fund has your current address so they can keep in touch with you.

6. Strategy #2: Co-contribute You could investigate the benefits of the Australian government co-contribution scheme. When an eligible person makes extra (after-tax) super payments, the Australian government can make a 'co-contribution' in their super fund or retirement savings account. The amount of the government co- contribution, up to a maximum of $500, depends on the amount you contribute and your income. In addition, if you earn $37,000 or less per year, the government will make a further contribution to your super. This amount, up to $500 annually, will be 15% of the total of the eligible contributions made by you or for you during the income year. These schemes rely on information contained in your tax return and on information provided by your super fund.

7. Strategy #2: Co-contribute In your case study think about: The benefits of contributing into super and gaining the government matched funds The disadvantages of the scheme The impact of compounding interest

8. Strategy #3: Consolidate The average Australian has 3-4 superannuation funds in their name…. What could result from this? Why might people have so many accounts?

9. Strategy #3: Consolidate Over your lifetime, you will probably work in a number of jobs, including casual and part-time jobs. If super has been paid into your various employer nominated funds, you could end up with super in a number of accounts in various super funds. It is usually better if these amounts are combined into one, so you pay only one set of fees and costs. Before consolidating super funds, find out if a fund will charge you to close your account with them and whether you'll lose any other benefits. You can get a form from the ATO to help you 'roll over' or consolidate your super into one super account. This form allows you to request the transfer of your whole super balance from one fund to another, including a self-managed super fund.

10. How do I choose a Super Fund? Work through the ‘How do I choose a Super Fund?’ course on the ATO course website. Whilst you’re doing that I’ll come around and check your scam presentation progress Exit Pass: to leave you must show me a paragraph that outlines why someone (a friend for instance) should consider using the three strategies discussed for maximizing their superannuation returns.

11. Homework: Complete presentations – email me or come find me tomorrow if there are any problems, don’t leave it till Thursday!