Category: Future Proof
Chapter Select
Sub category: Superannuation
26 June 2019

‘Tis the season for finance

You revamp your workout regime in summer. You assess your balance of naughty to nice at Christmas. In the same way, the EOFY should be your trigger to take stock of your finances. And you don’t even have to break a sweat.

Don’t be afraid of commitment.

Unless you have nominated a superannuation account for your employer to pay your superannuation into, your employer would likely have opened a new superannuation account with a default superannuation fund.  This means you could have more than one superannuation account.  This would also mean you could be charged separate set of fees on each superannuation account.

Before consolidating your super accounts, you should consider where future employer contributions will be paid, the other fees you may incur with the rollover and lost current insurance benefits from your existing provider(s).  You should discuss any potential super strategies with your accountant or financial adviser.

ING Living Super lets you rollover and consolidate your super online so it’s all in one place and easy to manage.

Swimming in debt? Time to get out of the water.

Debt piles up quickly when you’re young. From HECS or HELP debts to car loans and credit cards, and maybe even a mortgage. Work out a budget that lets you pay off your debt as quickly as possible. This may mean cutting back on weekend breaks and those smashed avos you love so much, but it could save you hundreds on account fees and interest in the long run.

Upgrade your bank account.

Is your bank account right for you, or can you do better? It might be time to move to a new bank with lower fees on accounts, higher returns on interest, and even some savings features, such as ING Everyday Roundup, a feature that rounds up purchases to the nearest dollar and transfers the difference from the transaction account into the savings account.

Invest in you.

Don’t be afraid to invest money into developing your skills, knowledge and work ethic. It’s never too late to go back to study, earn an important certification, or change careers. If your study is relevant to your current job, you might be claim a deduction on your next tax return.

Become a super saver.

The First Home Super Saver Scheme (or FHSSS – we finance people love our long acronyms) could help you get onto the property ladder sooner. The scheme allows you to voluntarily contribute up to $30,000 and withdraw it when you’re ready to buy a property, taking advantage of superannuation tax breaks so you can build a bigger deposit more quickly.

Good for the world, good for you.

Giving to charity is not only good karma, it could be a great way to reduce your taxable income. To get ahead in the next financial year, consider setting up a monthly donation to a cause that’s close to your heart. Just remember to keep the receipts.

Slow and steady wins.

Start investing early by starting small with just 1 percent of your income, then increasing the amount by a percentage point every year. This is a smart way to save for your goals and  work towards a comfortable retirement.

Click here to find out more about ING Living Super, and how it can help you make the most of your tax return.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

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