It’s time to review your superannuation strategy

Superannuation is a highly tax-efficient vehicle allowing you to save towards your retirement, whether you are an expat or Australian resident. Many expats simply forget about their superannuation when they move offshore, making the incorrect assumption that it is no longer of use and can’t be touched. As an expat, there are a number of important considerations and benefits to be mindful of when it comes to your superannuation.

It’s important that if you do have superannuation, you work with an Adviser who can ensure that it forms part of your overall retirement strategy. This includes reviewing your investment strategy as well as analysing whether or not it makes financial sense for you to continue to make contributions. With the right superannuation strategy, you can ensure that you achieve your retirement goals.

“Can I make superannuation contributions as an expat?”

Anybody with an Australian Tax File Number is eligible to make superannuation contributions. This includes both Australian residents and non-residents, and is not limited to Australian citizens. Contributions to an Australian-complying super fund can be an excellent strategy if you plan to return to Australia, or if you have Australian taxable income such as rental proceeds from an investment property. With a sound superannuation contribution strategy, you can eradicate your taxable income in a legal manner and continue to grow your asset base.

Your Superannuation Checklist

  • Consolidate Multiple Super Funds – Most Australians have multiple super funds from various employers. Those small, various balances can all add up and will all mean multiple sets of fees.
  • Avoid Duplicate Insurance – Review what insurance policies you currently hold in your super fund and ensure that you are not over-insured unnecessarily.
  • Review Your Investment Strategy – How is your super invested? Do you review it with your non-super investment portfolio? Ensure it aligns with your risk profile.
  • Review Your Performance – How is your super fund performing compared to the benchmarks? If you’re consistently under-performing, speak to us about making the necessary changes.
  • Contribution Strategy – Should you be contributing to your super fund? Do you intend to retire in Australia? Would a contribution strategy be beneficial to you?
  • Asset Allocation – Based on the tax treatment of certain asset classes, it can be far more beneficial to increase exposure to certain classes within super while decreasing others.

Review your Superannuation with us today

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