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Showing superannuation funds based on investment performance of
and a super balance of
Past 5-year return
New

% p.a

FYTD return

2.85

% p.a

Company
Calc fees on 50k

$658

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Platinum 2021 MySuper
Go to site
More details
Past 5-year return
9.63

% p.a

FYTD return

3.46

% p.a

Company
Calc fees on 50k

$517

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Platinum 2021 MySuper
Go to site

Aon MySuper 50

More details
Past 5-year return
New

% p.a

FYTD return

-

% p.a

Company
Calc fees on 50k

$988

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Gold 2021 MyChoice Super
Go to site

Russell Balanced Fund Class A

More details
Past 5-year return
8.49

% p.a

FYTD return

3.37

% p.a

Company
Calc fees on 50k

$445

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Gold 2021 MyChoice Super
Go to site

Growth Option

More details
Past 5-year return
7.95

% p.a

FYTD return

2.93

% p.a

Company
Calc fees on 50k

$542

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Gold 2021 MySuper
Go to site

IOOF Balanced Investor Trust

More details

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What is a personal super fund?

Superannuation is the money set aside for your retirement, so that when you reach the age where you stop working for a living, you can be less reliant on an age pension. In Australia, employers are required to pay part of each employee’s pre-tax salary into their personal superannuation fund, to help maintain a high enough super balance to enjoy a comfortable retirement.

Super funds often invest your retirement savings in a variety of assets to help further grow your total super balance. When choosing your personal super fund, you can compare different investment profiles, such as a Balanced profile, a Growth profile that invests more in higher-risk assets, or a Conservative profile that invests more in assets that should maintain their current value. Different personal super funds with different investment profiles could offer different returns, which may better suit the preferences and financial needs of different Australians.

Keep in mind that there’s more to a personal super fund than just its returns. Many super funds charge fees that could affect the growth of your super balance, which you may want to compare before making a selection. Also, many super funds offer additional features and benefits, such as access to insurances or other financial products. This could mean some super funds offer greater value in your financial situation.

How much goes into a personal super fund?

As of 1 July 2021, the super guarantee rate (SG rate) is 10 per cent. This means that your employer is required to pay 10 per cent of your pre-tax income directly into your super fund.

The SG rate is forecast to increase over the next few years until it eventually reaches 12 per cent in 2025. This is to help ensure that every Australian’s super balance continues to grow at a healthy rate until it’s enough for a comfortable retirement.

It’s also possible to make personal contributions to your super fund, either out of your pre-tax or post-tax income. Also, self-employed Australians aren't required to pay themselves super at the SG rate, though this could affect your final retirement balance. 

What is a personal contribution to superannuation?

While your employer will automatically pay a percentage of your income into your super account to help grow your retirement balance, you can also choose to make voluntary contributions to your super fund.

You can choose to contribute a lump sum from your bank account into your super fund at any time it’s convenient. These are sometimes called non-concessional contributions if they're made out of your after-tax income (e.g. your take-home pay). 

You can also choose to have your employer pay more than the minimum 10 per cent of your pre-tax income into your super fund. This is sometimes called making a salary sacrifice or making concessional contributions.

Making extra contributions to your super fund can help to grow your super balance more quickly, for improved security in retirement. Also, you may be able to access some of these extra contributions before you retire under specific circumstances, such as using the First Home Super Saver (FHSS) scheme to pay part of the deposit on your first home loan out of your personal super contributions.

Additionally, if you are a low income or middle income earner and fulfil certain eligibility requirements, you may receive government co-contributions when you make personal contributions to your super fund.

Are personal contributions to superannuation tax deductible?

Personal super contributions can sometimes be declared as deductions on your personal tax return, such as when you’re making a contribution out of your post-tax income.

Salary sacrificing your pre-tax contributions can’t be declared as a tax deduction, though these contributions are typically taxed at a lower rate than your marginal tax rate. Additionally,  salary sacrifice contributions effectively lower your taxable income each financial year for tax purposes, which can also affect your income tax return.

There are limits to the maximum amount you can contribute to your super as deductible contributions before the end of the financial year before it will start being taxed differently. Exceeding the maximum concessional contributions caps could mean paying extra tax.

Tax laws, rules and regulations can change regularly, so it’s important to consider checking the ATO website and/or contacting a tax accountant for financial advice before making changes to your superannuation contributions as part of a tax strategy.

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How to compare personal super funds

RateCity makes it simple to compare a wide variety of different personal superannuation funds side by side before making a decision. Using our tables, you can compare super funds by their recent performance, though this does not guarantee future performance. You can also compare the fees they charge to the features and benefits they offer, to better determine which super funds may offer the most value to you in your financial situation.

If you’re not certain which super fund may be best for you and your household, be sure to read the relevant product disclosure statements (PDS) and consider contacting a financial adviser for independent financial advice.

What are personal contributions?

A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.

What is salary sacrificing?

A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.

Can I buy a house with my superannuation?

First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.

Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.

What are reportable superannuation contributions?

For employees, there are two types of reportable superannuation contributions:

  • Reportable employer super contributions your employer makes for you
  • Personal deductible contributions you make for yourself

Can I transfer money from overseas into my superannuation account?

Yes, you can transfer money from overseas into your superannuation account – under certain conditions. First, you must provide your tax file number to your fund. Second, if you are aged between 65 and 74, you must have worked at least 40 hours within 30 consecutive days in a financial year. (Australians under 65 aren’t subject to a work test; Australians aged 75 and over cannot receive contributions to their superannuation account.)

Money transferred from overseas will generally count to both your concessional contributions limit and your non-concessional contributions limit. You will have to pay income tax on the applicable fund earnings component of any money transferred from overseas. You might also be liable for excess contributions tax.

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.