The Money Smart Week (1st to 7th September) message that people take the opportunity to improve their personal finances and their financial literacy, has struck a chord with the Australian Taxation Office.
It’s using the event to encourage everyone, particularly women, to focus on their retirement savings like superannuation.
The ATO’s Megan Yong says on average, women retire with 43% less super than men, due to their higher rates of part-time work, extended career breaks to have children and caring for family members.
She’s encouraging women to go online to ato.gov.au/5stepsuper and do the ATO’s the 5-step super check.
“It takes you through what you need to do, such as checking your statements to make sure you’re getting all the super to which you’re entitled, to making sure you provide your super fund with your Tax File Number.”
“That makes sure your super earnings are taxed at the lowest possible rate and, if you lose track of your super through changing jobs or having a break to raise children, you’ll be able to find it again.”
She advises checking to see if you’re eligible for the government co-contribution of up to $500 a year and says you should also try to make personal contributions.
“Even a contribution as small as the cost of a cup of coffee a day can add up over the years to several tens of thousands of dollars.”
For more information on improving your finances, watch Megan discuss the 5-step super checklist on the 10 Thousand Girl YouTube video, or visit the Money Smart Week website at moneysmartweek.org.au
