Information videos

All your super in one place what does consolidating your super mean and why should you consider doing it.

When you've had more than one occupation you might have multiple super accounts this means you could be paying more in admin fees and insurance premiums costing yourself future savings. 

For instance if you have three super accounts you could be paying up to three lots of admin fees and three lots of insurance premiums. That adds up to a lot of money but when you have one super account you only pay one lot of admin fees.

This means big savings in the long run giving you more Super in retirement consolidating your super is a way of combining all your super into one easy to manage account to combine your super you can log in to your online seus account or use your cus app then navigate your way to popular tasks and click on combine my super. 

If you don't know your other fund account info click on the search for super option and then follow a three-step process to search for your super with the ATO using your tax file number. 

You'll need to verify your identity so have your ID such as your driver's license and Medicare card ready. If you know your other fund Account Details then great click on I know my details follow the prompts and fill out the details of the accounts you want to to consolidate.

For any assistance you might need along the way reach out on 1300 361 784.

You might be wondering, salary sacrifice? Jeez, that doesn't sound like much fun. Why would I want to sacrifice my salary? But I'm here to explain how salary sacrifice can work hard for you and boost your super in retirement.

Salary sacrifice is when you ask your employer to put part of your before tax salary into your super account. The amount you salary sacrifice is extra to the super your employer already pays you. It's worth considering if you earn over $45,000 and your tax rate is 30% or more as it can reduce your tax bill now while giving you more super in retirement. Let's see how it works by hanging out with Ahmed and Martina.

They have different jobs and earn between $45,000 and $135,000, which means they're both in the 30% tax bracket. They've both started to think about their financial future and eventual retirement. Ahmed has decided to put some money aside from his take-home pay into a savings account every 2 weeks.

The amount he puts away has already been taxed at 30%. While Ahmed has the right intention of saving more for his future, there is another option. Martina has decided to put some money aside using salary sacrifice. The extra money she is putting towards her super is only taxed at 15%. Instead of the 30% that Ahmed's savings are taxed at.

 This means more money for Martina in retirement and less tax for her. Now, Martina likes the sound of that. Now that Ahmed knows about salary sacrifice, he's going to chat with Seabus Advice Services. He'll be happy he did.

To learn more about salary sacrifice, head to www.cbussuper.com.au/super/making-super-contributions. And to speak with our advice services team, phone 1300361784.

It's included as part of your CBUS membership.

If you're looking to boost your super above what your employer contributes, voluntary contributions could be for you.

Voluntary contributions are amounts you put into your super from your bank account. No contribution tax is charged, so every dollar you put in goes straight to your super balance.

We know finding extra money can be difficult, but we also know that any extra money you put into your super can add up to a lot in retirement. It could be a little from your take-home pay or an amount you inherited.

Whatever it is, the sooner you make a voluntary contribution, the more time your money can work hard for you.

It's important to note there's a voluntary contribution limit to how much you can put into your super. The current  cap is $130,000 per financial year.

Any amount over that and you may be taxed. And when tax time comes around, if you find you're better off claiming a tax deduction for some or all of your voluntary contributions, you can.

Just remember to check your eligibility, and the limits. 

To find out more, head to cbusuper.com.au/super/making-super-contributions.

If you want to better understand your options, particularly if you're considering putting a larger amount in, speak with our advice services team on. 

It's included as part of your CBUS membership. CBUS, making hard work pay off.

You've worked hard for your supera and now that you're in your last few years of work. we're here to help you make the most of it.

You're more familiar with the buildup phase of your super,  where money is regularly added to your fund and invested to increase your savings but the catch is that you can't access it without exceptional circumstances.

Transition to retirement is the time between the buildup and the retirement phase of super based on your circumstances.

It can help achieve various objectives one of those is providing an additional income.

Maybe you want to cut back on your work hours or knock over your household debt before retiring that's where TTR can help.

Keep in mind that doing so may reduce your super but TTR can also help boost your super by letting you contribute more of your wage to your retirement savings while allowing you to withdraw some of it as income.

It's often taxed lower than your regular in income, offering potential tax advantages.

While TTR can be complicated it can produce excellent outcomes.

It's worth exploring to see if it's a good fit for you.

We get that it might be challenging to understand but we're here to help.

CBUS offers dedicated seminars explaining how TTR works and who it's suitable for.

Once you've learned more about TTR and determined it's right for you the next step is to contact advice services on 1300 361 784.

We provide personalized advice for eligible members at no additional cost.

 CBUS making hard work pay