Which Super Fund to Maximize Dollars Amount during Next 12 Months?

akastyl13 on 25/01/2016 - 22:21

Hi there,

Currently with BT, I am getting $300 of Contribution Tax every 3 months. I am 27 yo and have been working in Australia for 2 years now.
Because I am planning to get the DASP around mid-next year when I will have to leave (re-localisation), I would like to find a fund to maximize my super until then.
As you know, the ATO will take 34% of my super fund because of the early access to the super fund.
Anyway, wondering if it worth it to switch to another super fund to save potentially 300 x 4 = $1,200 x .66 = $792 of potential extra money.
Thanks,

Financial

Comments

  • boonanza on 25/01/2016 - 22:32
    +2

    How long is a piece of string?

    • akastyl13 on 25/01/2016 - 22:36

      A piece of string is twice as long as it is from one end to the middle.
      Hope that helps.

      • boonanza on 25/01/2016 - 22:43
        +3

        Sorry I'm a frayed knot…

  • inherentchoice on 25/01/2016 - 22:56

    This is like asking which shares will increase the most. If you really could know the future then you would never need to work again.

    Past performance is not a reliable indicator of future performance.

    But maybe just find something with low fees. Maybe ING?

  • sweefu on 25/01/2016 - 23:33
    +1

    Contribution tax is a government tax. It will not change between super funds.

    • sa5ha on 25/01/2016 - 23:41

      What they said.

      https://www.ato.gov.au/Individuals/Super/Super-and-tax/Tax-o…

      The 15% contributions tax will be applicable on your concessional contributions no matter which fund you choose.

      Rather than looking at funds only, I would suggest investigating the investment options which would yield the best returns over your preferred period of time and investing accordingly.

  • martismo on 26/01/2016 - 09:57
    +2

    "Past performance is not a reliable indicator of future performance." This is untrue and is a phrase forced on the regulators by the commercial super funds in an attempt to discredit the pattern of high returns by industry super funds.

    Interestingly there is a pattern of repeated higher return on some super funds - mostly industry funds.

    You would be wise to look at http://www.superratings.com.au/ and make up your mind as to whether you think those with high previous returns are going to be better for you than those with low past returns.

  • RobMel on 26/01/2016 - 10:09

    Super is a long term investment . if u look for short term high profits u also look for short term high risk. Consider also ongoing and exit fees as we as insurance premiums deducted usually. I would go with Australian Super. Tell them no insurance. It's modwearte gains low risk. No exit fees. No commissions.

    • akastyl13 on 26/01/2016 - 10:58

      Thank you, I will have a look at Australian Super.

      • tomclancy on 26/01/2016 - 15:56

        Another vote for Australian Super

  • SydneySwan on 27/01/2016 - 20:02

    Best advise is to keep the contributions in the cash option. One year is way too short to be punting on share investments. You just want to preserve your contributions.

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