Are you worried your super fund is underperforming compared to other funds in the market, or your superannuation savings are not growing quickly enough?
Don’t know how much to put into your super fund each month or year, when you should start planning for retirement and what income will be needed during the next stage of life?
If you are finding these things hard to work out, or even if you just want to make sure you are on track with your super, the Australian Taxation Office’s (ATO) new comparison tool YourSuper may be just what you need.
The Your Super comparison tool will help you compare MySuper products and choose a super fund that meets your needs.
What does the comparison tool do?
The ATO Your Super Comparison Tool displays a table of MySuper products ranked by fees and net returns (updated quarterly). It allows you to select and compare in more detail up to four MySuper products at a time.
It links you to a super fund’s website when you select a MySuper product from the table. It can also display your current super accounts and any other My Super products if you use myGov’s customised version.
Why should you use it?
It takes about a minute to complete a comparison and it can help you choose a MySuper product that’s right for you. The ATO will not recommend which super fund or MySuper product is best for you; it simply provides the information to help you make your own decision.
Additionally, suppose you have a self-managed super fund. In that case, the ATO Your Super Comparison tool will allow you to compare your SMSF performance with other products in the market.
Who is it for?
You can benefit from using the tool if you:
- Have a super account and want to make sure your fund will be sufficient when you retire.
- Want to compare how much fees and insurance premiums might be reducing your super balance; or
- Are you having difficulty deciding which fund would best suit your needs,
Then the ATO Your Super comparison tool will be helpful for you.
How to use it?
There are two versions of ATO’s Superannuation comparison tool. Personalised version and non-personalised version.
The non-personalised version has 80 different products listed. It will provide ATO’s performance rating, ATO’s fee and insurance score, ATO’s net return and ATO’s fees and insurance premium for each fund.
With a personalised version of the tool, you can enter your real super balance to see how different fees would look. The basic software estimates from $50k as its starting point for this amount and then Adjusts accordingly based on market conditions.
To access the personalised version, log in to ATO online services through myGov, or use ATO’s app on your mobile device.
The Bottom Line
The ATO’s comparison tool is a great way to compare where your superannuation savings are, how much you are paying in different fees, what return you are getting on your investments and whether the balance you have saved so far is enough for when you retire. It’s a Must!
Whether you are concerned about business tax or the assets you hold, Self-Managed Super Funds are popular because they work and offer significant advantages. Reach out to Accountants 2 Business today to learn more.
The information in this article is general in nature and might not be right for your circumstances. Please arrange a meeting with one of our Accountants to discuss your particular needs. Accountants 2 Business Ph (07) 3823 2344
