6 Super Tips for your early 20s

If you’re just starting out in the workforce, it pays to learn about superannuation and how you can make the most of it. Keep reading for our top super tips.

We know that retirement seems a long way off, but the sooner you start planning for it, the better off you will be in the future! Many people don’t learn about superannuation until later in life, but implementing some strategies when you start earning wages will reap long-term benefits.

Your employer must contribute 10.5% (at the time of posting Sept 22) of your ordinary earnings to your chosen super fund. Your contributions to superannuation earn investment returns (dividends, interest, etc.) and accumulate throughout your working life. The more you put in, the more you earn as the investment returns compound over time.

Before signing up for a super fund, do some research – your choice could make a huge difference to your retirement and your financial future. Check their fees, investment performance, insurance and financial advice options.  The ATO and Canstar have good super comparison tools.

Our top super tips:

  1. Check your online super account regularly to see that your employer is contributing the superannuation guarantee amount (10.5% at the time of posting September 2022).
  2. If you are unsure who your super provider is, you can find out by logging into your myGov account or contacting the ATO.
  3. If you have had a couple of jobs already, you could have a couple of super funds and are more than likely paying multiple account fees. You could consider consolidating your super funds into one account to make your life easier and reduce your fees; however, you should seek financial advice before doing so.  To avoid multiple accounts in the future, let your employer know the details of your existing super fund, and they can pay your super into that fund.
  4. Consider contributing a little extra to your super fund if it won’t cause financial hardship. You can sacrifice earnings from your employer (which reduces your taxable income) or contribute extra from your after-tax earnings.
  5. If you’re working as a contractor, check whether the business engaging you should be paying your super. If not, get into the habit of contributing at least 10% of your earnings to your super fund. Unfortunately, many sole trader contractors have less super than their employee counterparts, which means less money for retirement.
  6. You could be eligible for up to $500 of co-contribution from the government – that’s free money to put towards your compounding investment!

Watch your money grow:

If you start learning about superannuation when you first enter the workforce, you’ll be better off in retirement. The sooner you begin to contribute to super, the longer the investment has to compound.

Talk to one of our team about how to make your superannuation work for you.

Lit sparkleres with golden lights behind Switch to draft Preview Update 2023 Year End Processes We're well into the final quarter of the year, with 2023 knocking on the door! But are you ready for the year-end? Have you done your homework when it comes to planning your business journey for 2023 and beyond? Let's take a look at the key ways to tie up your year-end and start the new year with a clear strategy to drive your business forward. Making your 2023 business journey that little bit easier The past couple of years has not been easy for the average small business owner. Cashflow will have been tight, prices and costs have been steadily rising, and the marketplace is ever-more competitive as we move into 2023. So, what can you do to make your life easier for the coming year? And what checks should you be making as we wrap up this final quarter of 2022: Is your bookkeeping up-to-date? Make sure you've entered all the expenses, costs and receipts for this final Q4 period. 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If you haven’t already, set up automated chaser emails for late payments so you can start 2023 with the best possible credit control processes and accounts receivable performance. Have you set your key goals for 2023? With your bookkeeping sorted, it's time to look forward to the new year. What are your aims for 2023, and how do you plan to achieve them? Set out your goals for the coming year, and make sure you communicate these targets clearly to the whole business. When everyone is on the same page, you make it easier to drive performance effectively. Do you have a business plan that's ready to implement? Put your goals and targets for the year into a detailed business plan. Set timelines, agree on budgets and make sure you're tracking progress against these – so you can see how well the business is performing. With the latest cloud tools and planning apps, you can get some amazing insights into your business journey and your overall return on investment (ROI). If you need help tidying up loose ends, setting out your strategy and getting everything into a workable plan, contact the team at Kennedy Cross, we will help you make 2023 a success story for your business. This article does not constitute financial, legal or tax advice. For specific advice applicable to your business, please contact the team at Kennedy Cross.  Toggle panel: Yoast SEO SEO Readability Schema Social Focus keyphraseHelp on choosing the perfect focus keyphrase(Opens in a new browser tab) 2023 Year End Get related keyphrases(Opens in a new browser window) Google preview Preview as: Mobile resultDesktop result Url preview:www.kennedycross.com.au › 2023-year-endSEO title preview: 2023 Year End Processes | Kennedy Cross Meta description preview: Nov 28, 2022 - 2023 is just around the corner. Are you ready for your year-end? We’ll help you tidy up the loose ends and get your business plan ready for the new year. 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