Superannuation is a regulated, tax effective savings program, to which your employer makes superannuation guarantee (SG) payments as part of your pay, designed to help you have enough money of your own to live on in retirement - without having to rely on the government pension.
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We've got you covered –with accounts for your working week 1 (PRIME) to accumulate your super savings; and accounts for your weekend 1 (PENSION) – to provide your income in retirement.
CONSOLIDATION
Find and consolidate your super
Of all the smart easy actions you can take, combining your super accounts is one of the things you should consider2.
Take back control of your super
No doubling up on unnecessary fees and premiums
More money working for your weekend
Topping up3 your super can be a great way to accelerate your savings, take advantage of government incentives and turn on the turbo power of compound earnings. And it starts with being smart with your Pay As You Earn (PAYE) income4
Top up before PAYE tax
Top up after PAYE tax
Top up with help from your spouse
SMARTCOACHES
Meet our smartCoaches and find out how smartMonday compares
Your secret weapon in the war against wasted opportunity! Our smartCoaches are on hand with coaching and advice to help you get your contributions, insurance and investments into shape – at no extra cost.
Watch our video - Get to know the smartCoach
If you change jobs, it’s super easy to take your smartMonday super with you.
Because your super savings are there to fund your ‘weekend’, you can normally only access your super once you’ve reached retirement age. In Australia this is a little complicated…
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1 Source: Spenditude, Wiley Publishing, 2020
2 Before making a decision to consolidate super accounts you should consider seeking personal financial advice and review your financial needs, objectives, and goals and ensure that the insurance cover in your primary fund is adequate for your needs. Any insurance cover available in your secondary fund may be cancelled as a result of the consolidation unless you apply to transfer that insurance into your smartMonday account – subject to acceptance by our insurer.
3 Top ups may be subject to eligibility criteria and contribution limits may apply.
4 Pay-as-You Earn tax (PAYE), is a withholding tax on income payments to employees. Amounts withheld are treated as advance payments of income tax due and are submitted directly to the Australian Tax Office (ATO) by the employer. Australian tax law allows voluntary contributions to superannuation to be made from an individual’s salary prior to withholding tax (PAYE) on that salary being calculated. However, there are limits on the total amount of voluntary contributions that can be made to your superannuation account each year. Contributions paid in ‘pre-tax’ dollars are subject to a 15% contribution tax at the time they are paid into your super account.
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The information on this website is general in nature and does not take account of your personal financial objectives, situation or needs. Before deciding whether a particular product is appropriate for you, please read and consider the relevant Product Disclosure Statement, Target Market Determination and Financial Services Guide which is available at smartmonday.com.au/documents or by calling us. Contact us about the intra-fund advice services you may be able to access through your membership. Any intra-fund advice is provided by or on behalf of smartMonday Solutions Limited. Past performance is not a reliable indicator of future performance. The content of this website is not intended to represent or be a substitute for specific taxation or legal advice and should not be relied on as such. You should obtain advice from a registered tax agent or legal practitioner. Any taxation, legal and other matters referred to on this website are based on smartMonday and the Trustee’s interpretation of existing laws and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
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