Super fund has half of what I expected to be in it!! HELP!!

[Guest sudzy]

Me and the hubby left Australia a couple of months ago and just starting the process of claiming his super back.

 

I got onto the super fund people and the amount they say is in the account is much less than I expected.

 

I don't know if I'm working it out completely wrong I didn't take into account any fees the super fund company might take off the amount but it couldn't be 4o% could it. That's about how far out it is!!! Is the 9% taken from the top line, ie. before tax?? Or is it taken after tax?

:confused:

 

Would someone be ever so kind and work this out for me before I tell you what I reckon should be in the fund?? I'd really apppreciate it! :smile:

 

 

Annual salary approx $112000 (or 39 hour week at $55 per hour)

Worked for just over 6 months, from 5th September '11 to the end of March '12

Paying 9% into super fund.

[Andrew from Vista Financial]

Hi

 

 

So $112,000 per annum / 2 (6 months) = $56,000 x 9% = $5,040 - 15% contributions tax = $4,284.

 

Less fees +/- market fluctuations.

 

Maybe around $3,900 - $4,000 ish?

 

Regards

 

Andy

[NickyNook]

Maybe the figure you've been given includes the extra tax (35%?) that will need to be paid already deducted?

 

So based on Andrew's estimate above, it would be around $2600 left?

Edited June 30, 2012 by NickyNook

[Guest sudzy]

Thanks for the quick replies! I worked it out as around $5,000 too but didn't take into acount any taxes or market fluctuations.

 

The super fund has around $3200 in it. That seems a little off do you think??

[NickyNook]

Not if it was invested in a 'high growth' (i.e. risky) fund.

 

It's easy to lose a lot of it quite quickly, in this financial climate. :wink:

[Guest sudzy]

Not if it was invested in a 'high growth' (i.e. risky) fund.

 

It's easy to lose a lot of it quite quickly, in this financial climate. :wink:

 

 

Ok, thanks! It's just that the company he was working for are known for ripping off employees and I wondered if maybe they scrimped on his super payments. A friend of ours worked for them once and they never paid his tax in the country he was working in. He got into terrible trouble when the job finished and he tried to leave the country.

Edited June 30, 2012 by sudzy

[NickyNook]

You should have (or get sometime soon) a statement from the Super Fund. They normally turn up after the end of the financial year.

This will detail all payments made by the employer and the tax and fees deducted, it will also show you what growth/loss was made - so it will be easy to check that the employer paid in what they should have.

[Guest sudzy]

Thanks NickyNook, I'll check it out.

[Quoll]

If you are taking it out of the country then it will be the 35% tax they levy on it which will have depleted it, sadly.

[Guest sudzy]

If you are taking it out of the country then it will be the 35% tax they levy on it which will have depleted it, sadly.

 

We haven't even started the process yet so what's in the fund is all of it - the tax hasn't been taken yet. :frown: