With ever evolving technology and the move to online transacting and reporting in various parts of our everyday lives, many people may realise the importance of having a myGov account and the linked services.
There is a large number of Federal Government services which can be accessed online to save you valuable time. Some of these are:
- Medicare
- Australian Tax Office
- Centrelink
- My Aged Care
- National Disability Insurance Scheme
Linking your myGov account to the ATO enables you to use ATO online services. You can find more information on how here https://www.ato.gov.au/General/Online-services/Get-started-with-myGov-and-ATO-online-services/
So, what does this have to do with my superannuation you ask? Well, superannuation law is a tricky area, with many rules and regulations about what we can and can’t do, for example, we can make tax deductible contributions but there is a threshold and when we exceed these, there are penalties.
There is a great deal of information at your fingertips if you use your online ATO services that can help with super and retirement planning. You can have access to information on the following:
- Total Superannuation balance
- Bring forward arrangement
- Concessional contributions
- Carry forward concessional contributions
- Transfer balance cap
- Employer contributions
Of course, not all of these are applicable to everyone. For example, if you are retired then employer contributions aren’t an issue for you or if you are still building your superannuation then the transfer balance cap may not be applicable yet.
When working with your adviser on growing your super or future retirement strategies, then having access to this information to share with your adviser will ensure the best strategies and financial outcomes.
We also suggest using many of the other services, especially the Centrelink service for those on age pension, carers allowance or payments, disability support payments.
Here is a short video of how to create a myGov account if you do not have one already https://www.youtube.com/watch?v=Cldy_brqh50&t=3s&ab_channel=myGovAustralia
As always, please let us know if you have any specific questions.
General Advice Warning
This article does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.
