Home Forums Money matters Superannuation Funds & Which to choose?

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  • #992729
    mslodyczka
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    • Total posts: 8

    I’m looking to find a super fund to use as the default fund for our future employees, as well as for myself. Are there any that are significantly better / worse or is it all a much of a muchness?

    Secondly, as a director drawing directors fees, is super compulsory?

    Cheers!

    #1187791
    nighttax
    Member
    • Total posts: 172

    Most people will void answering this as to give a definitive answer one must have certain qualifications. However as general information – if you contact one of the industry funds, they will take you through the set up from start to finish.

    #1187792
    nighttax
    Member
    • Total posts: 172
    mslodyczka, post: 220119, member: 70272 wrote:
    I’m looking to find a super fund to use as the default fund for our future employees, as well as for myself. Are there any that are significantly better / worse or is it all a much of a muchness?

    Secondly, as a director drawing directors fees, is super compulsory?

    Cheers!

    Also yes super is legally required to be paid on directors fees. Even though many owners and accountants foolishly ignore it.

    #1187793
    Sophie517
    Member
    • Total posts: 17

    How many employees do you have? Under 19 or more?

    If under 19, In general you can just give your employee a choice of funds form, and they will either give u their previous/existing superannuation details or they can nominate a fund. It’s not your responsibility.

    For ease of management, businesses with more than 20 employees may take a more hands on approach, but even having said that, this is often outsourced to an Accountant or Financial planner who has access to the many funds available.

    There won’t be a significantly good or bad fund. Each fund has multiple investment options based on the client’s risk profile, and of course fees. The default is a conservative investment approach, but people who care about what their super is doing may opt into a more aggressive or defensive investment portfolio within the same fund. Returns differ of course, high risk high returns/losses. Low risk, low returns/losses.

    #1187794
    Blahish
    Member
    • Total posts: 29

    Also to add there is a free service operated by the ato that allows you to pay different super funds with one payment.
    It’s called super clearing house.

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