Consolidate your Super and reduce fees
It’s easy to lose track of your super accounts. If you’ve ever changed jobs it’s likely you’ve changed super providers as well. 

If you haven’t already, it could be time to consider rolling over your superannuation accounts and consolidating your superannuation benefits into one account. 

What are the benefits?

Consolidating your super:

  • improves cost effectiveness by reducing administration fees – you only pay fees on one account
  • allows you and your financial adviser to construct a portfolio that’s in line with your risk and retirement objectives
  • improves functionality – insurance, pension options
  • assists with estate planning
  • means your benefits are much easier to maintain – only one super fund to update with new address details, only one statement updating you on your balance.

How to consolidate 

  • visit the MyGov website ( for useful information about consolidating
  • prior to consolidation, make sure you notify your fund that you will claim a tax deduction for your personal contributions, if applicable
  • carefully consider your need for insurance and insurance benefits you may lose if you consolidate your super accounts
  • consult your financial adviser to discuss consolidating your super accounts into one.

Make a co-contribution to maximise your retirement savings

The superannuation co-contribution payment scheme is an Australian Government initiative to help Australians save for their retirement.

By making a personal (non-concessional) contribution to your super fund from after-tax dollars, you may be eligible to receive an additional contribution of $0.50 for every $1 you contributed (up to a maximum co-contribution of $500). 

Full benefit is only available for those earning less than $39,838 and fully phases out for those that earn over $54,837.

Save for your spouse

Where an individual’s assessable income and reportable fringe benefits is less than $37,000 per annum and their spouse makes an after-tax contribution to superannuation on their behalf, the Government provides a tax rebate of 18% to the contributing spouse. The rebateable contribution amount reduces until total income reaches $40,000 when it then cuts out. The maximum rebateable contribution is $3,000, therefore the maximum rebate available to the contributing spouse is $540.

This contribution to Superannuation will be fully preserved in superannuation. This means these monies are not accessible until a condition of release is met. For most recipients, the condition of release will be retirement after Preservation age (which is age 55 for those born before 1 July 1960 transitioning to age 60 for those born after 30 June 1964). If the recipient Spouse has never worked, then the monies are preserved in superannuation until age 65. 

To find out if you’re eligible for the Government co-contribution, a tax rebate to your spouse or simply need help consolidating your super, consult John Mujic on 1300 795 515 or email

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, Hillross Financial Services Limited and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. Please contact us if you want more information. Prosperity Wealth Advisers Pty Ltd (ABN 32 141 396 376), is an Authorised Representative and Credit Representative of Hillross Financial Services Ltd, Australian Financial Services Licensee and Australian Credit Licensee.