Build Your Super Savings Using These Hidden Perks…

Dreaming of retiring? So are we, and that’s why we want to help you achieve your goals by uncovering some perks within superannuation which you may not be aware of.

No matter your income bracket, no one needs to miss out on a comfortable retirement. Live the life in retirement that you have always dreamed of. Here are some of those hidden perks:

 

Compounding Interest

Let us tell you what we think is the best perk of all, and that’s compounding interest. The best thing is, everyone gets to benefit from this perk too! So, no matter your super account balance, income bracket or age it means you too get to reap the benefits of compounding interest.

Simply put, compounding means you earn interest on your previous interest. If you think of a snowball, the higher the hill the bigger the snowball will grow when it reaches the bottom of the hill. The earlier you start, the bigger your super account will grow and especially if you make extra contributions.

Go on, have a play with this online calculator and see how you could be benefitting from compounding interest.

 

Reduce Your Income Tax Bill

Many people could reduce the amount of income tax they pay now and improve their future retirement by making extra contributions to super, also known as voluntary contributions.

The two main ways to add to your super include:

1. Voluntary before-tax contributions through an agreement with your employer (salary sacrificing). Salary sacrificing can help transfer money that you would have lost in tax into your super savings (use our salary sacrifice calculator to see how much tax you could be saving); and,

2. Voluntary after-tax contributions. You can make after-tax contributions in lump sums from your after-tax income. These lump sum personal contributions are not taxed as you’ve already paid the tax on the income. However, it’s important to be aware of the restrictions and conditions around tax deductions for after-tax contributions. Some of these restrictions include:

  • If the fund no longer holds the contribution;
  • On a payment to your super that’s a rollover from another fund; or,
  • On First Home Super Saver Scheme (FHSSS) amounts released to you then recontributed to your super fund.

 

Advantages of Investing Consistently

‘Dollar Cost Averaging’ is a no-stress way to overcome the unpredictability of investment markets.

Ultimately, Dollar Cost Averaging means investing consistently in your super; that is, instead of investing a lump sum all in one go, you invest smaller fixed amounts on a regular basis for a period of time. So, as unit prices move up and down you buy more units when the unit prices are low and fewer units when they are high. The idea is that you are taking away the risks associated with trying to time the market which is tempting to try to achieve when investing a lump sum. You can maximise the effect of averaging by also making additional personal contributions on a regular basis.

SEE ALSO: Open for Inspection: Your Super

Experience counts! Get your full real estate licence with RPL.

Free Money from the Government

Here are two Government initiatives designed to assist low-income earners by providing up to $500 additional super per year.

Do you earn less than $37,000 p.a.?

  • You may be eligible to receive a $500 government payment, usually paid directly into your super fund, known as the low-income super tax offset (LISTO). Check the ATO website to see if you are eligible.

Do you earn less than $39,837 p.a.?

  • If you make personal (after-tax) contributions to your super fund of at least $1,000, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500.
  • If you earn more than $39,837 but less than $54,837, you may still be eligible to receive a government payment. To learn more about this government initiative, click here to learn more via the ATO website.

 

You and Your Partner Can Benefit

If you work part-time or not working right now, often due to family commitments, your spouse or partner could add a bit extra to your super. On top of boosting your balance, your spouse could get a tax offset that could benefit both of you. In fact, if you earn less than $37,000 a year, your spouse can add as much as $3,000 into your super and get an 18% tax offset.

Super isn’t always straightforward, but this doesn’t need to be the case. At REI Super we’re dedicated to providing every single person with the personalised service they deserve. Visit REI Super’s website to learn more about the benefits of joining your dedicated industry super fund.

 

Disclaimer: In presenting this information REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions and consider talking to a financial adviser before making an investment decision. Past performance is no indication of future performance.

This information has been prepared and published by REI Superannuation Fund Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 for the general information of members of REI Super.

Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. The REI Super Helpline and the REI Super website are provided by Mercer Outsourcing (Australia) Pty Ltd ABN 83 068 908 912 and Mercer Financial Advice (Australia) Pty Ltd (MFA) ABN 76 153 168 293, Australian Financial Services Licence (AFSL) #411766. September 2020

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Here’s what others have to say

I found the REIQ Real Estate Licence Online Training Course was very good, easy to access, with brilliant course materials to read and assignments that really checked on your understanding of the details of every aspect of real estate practise. I enjoyed the course even though it took a few months due to working full time and found the support of the trainers and assessors very helpful and encouraging. Thanks REIQ Training team for helping me through!
Lindy Lear
Lindy Lear
10:47 18 Oct 20
Gerry MacKenzie
Gerry MacKenzie
06:53 12 Oct 20
Good course. Materials and tools given to finish the course easily. Was no problem to finish. Support is there if needed it.
Jade Dodds
Jade Dodds
09:11 09 Oct 20
I would like to share with you our experience that we have recently had through the REIQ Professional Development Team.We have had an awesome start to 2020 thanks to the great service provided by the REIQ Professional Development Team. Congratulations to Liz who started and finished her Certificate of Registration Course with the REIQ in December 2019. She loved the training, particularly the fact the trainers are experienced and still walk the talk and are active in real estate. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. We are thrilled, from start to finish with the course and application to Fair Trading she had her Certificate of Registration within 5 weeks. Really impressed with the training, help and support team REIQ gave Liz and the quick processing time by the Office of Fair Trading.We also regularly use the Property Management Support Service and General Agency Advice Service and believe it offers great value for our membership. The PMSS team provide practical advice by practising property management professionals who can relate to the everyday challenges property managers face.Keep up the good work Team REIQ,
RE/MAX Ignite
RE/MAX Ignite
05:56 21 Jan 20
I cannot recommend REIQ enough. The training, environment & staff were beyond my expectations. A special mention for Rachael who is a trainer at REIQ. Rachael knows her stuff. Her knowledge of the industry and style of delivery helped me get across the line and score my dream job.
Paul Conway
Paul Conway
05:11 15 Jan 20
I wasnt sure that I would get through the Agents and Licence course with everything I had on, made an attempt a year ago with another provider that went totally pear shaped but the REIQ course is structured in a way that made sense. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. If you've ever wanted a career in Real Estate this is where you get started!
Lynette Nitson
Lynette Nitson
01:48 13 Jan 20
Great staff that are always helpful.
Kensington Ràpoza
Kensington Ràpoza
11:20 28 Dec 19
Great friendly environment
David Priest
David Priest
22:47 19 Nov 19
Very impressed with the trainers that I have had for the past 3 days. Each individual trainer was very helpful and made sure that everyone in the class understood everything before we progressed through the modules.
Shannon Goldsworthy
Shannon Goldsworthy
04:34 23 Oct 19
Recently completed my Licence course and thoroughly enjoyed the in-class tutorials taught by highly professional trainers with many years of industry experiences. The student support that is available every Tuesday is an extremely helpful resource, again with very experienced trainers to ensure you get the right advice the first time. REIQ has really structured the entire full Licence course end to end thoughtfully, especially when you’re new to this industry. Highly recommended!
Julian Phua
Julian Phua
07:01 02 Oct 19
Recently I completed the Real Estate Licensing course at REIQ and was blown away by the help and support provided by Ms. Connie McKee who is a trainer at REIQ. Connie is very professional and has years of knowledge and work experience in the Real Estate Industry.I am glad I chose REIQ as my pathway into the Real Estate Industry.
Kaizan Irani
Kaizan Irani
00:23 30 May 19
Helpful staff. Useful networking events and training videos.
Eagle Real Estate
Eagle Real Estate
02:27 25 Jul 18
Just done two days interactive training with Melissa Sullivan. Sensational! Such a great presenter and electric delivery of material. Quick paced and hands-on!Very glad to have been in this class!!! Awesome
Miles Griffiths
Miles Griffiths
07:01 26 Jun 18
Jason Bond
Jason Bond
10:29 19 Jun 18
Welcoming and friendly staff, always available to support their members. The Property Management Support Team is particularly helpful. Well worth the subscription fees just to have access to advice from these experienced practitioners.
Laura Valenti
Laura Valenti
21:29 16 Jun 18
Haydn Denovan
Haydn Denovan
02:51 20 Mar 18
Jacqui McKeering
Jacqui McKeering
02:01 08 Mar 18
Proud to be a member of such a prestigious organisation. Thank You for the support 🏡
Jamie Smith
Jamie Smith
07:28 07 Mar 18
Blake Richard
Blake Richard
01:34 05 Mar 18
Tina Nenadic
Tina Nenadic
12:57 02 Mar 18
Michelle Wright
Michelle Wright
04:07 26 Feb 18
Rob Honeycombe
Rob Honeycombe
21:51 16 Dec 17
Annette Jeffs
Annette Jeffs
14:43 23 Nov 17
Adam Milton
Adam Milton
01:52 22 Nov 17
Katie Cotton
Katie Cotton
10:04 31 Oct 17
Liam Hanlon
Liam Hanlon
12:06 05 Sep 17
Had Melissa Sullivan conducting the sales registration course for the past two days I have to say I think this woman is inspiring she kept the class focused and engaged throughout the two days. I dont normally complete surveys but felt that I wanted to share that this lady has inspired me to give sales ago and I never thought i would say that as i have been a PM and honestly never thought I could see myself as a sales agent... Thanks Mel for such a great two days
Karen Riddell
Karen Riddell
07:04 03 Aug 17

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