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Hello Subscriber First Name! We’re releasing our monthly newsletter a little early this June, so we can discuss a few money related things in time for EOFY. Tax Time Tips for EmployEEs For groomers who work as employees, you will be looking forward to a Payment Summary (that’s a Group Certificate in the old language) so you can get your tax done and hopefully get some dollars back in your pocket. Before you do your tax or take it to someone to do for you, it’s wise to check your eligible deductions here, make sure your payslips are showing accurate data, and double check your employer has the correct Superannuation account for you. Think you might have some old Super kicking about in an old account? It’s worth finding, it’s your hard earned money after all. Follow these steps. Super is going up to 10% from 9.5% come 1 July, so make sure that is reflected on your first payslip of the new financial year too. The other news in Superannuation town is that the Federal Government have just passed the Your Super, Your Future bill. The point of the bill is to reduce the number of Super accounts employees have. You know sometimes when you change jobs and you can’t find your account number, and it’s all too hard, and you just tick the ‘add me to the employers nominated Superannuation account’ box? Well, the government now wants employees ‘stapled’ (their term!) to one account. Why? This will hopefully result in a reduction of fees you pay (one fee is better than 5, no?) and it is supposed to weed out the underperforming Super providers. There’s pros and cons to the bill, naturally, and Investor Daily has an easy read about it here. So - do some research. If you feel the need for change, find a good Super Fund (Canstar has some GREAT INFO), one that you are comfortable with ethically and financially, and staple yourself to them!
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