Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account.
Why you should consolidate your super:
Choosing to consolidate your super means that you will no longer be paying fees to multiple super funds.
There is also less paperwork to complete each time
You will be able to track your super more easily
Before you consolidate your super:
Consider how changing super funds affects employer contributions: Certain employers may contribute more to one fund than another. In which case, you should consider switching to the fund that your employer is most compatible with.
Consider how changing super funds impacts insurance you have through the fund: Changing funds might mean you no longer receive benefits of the insurance. Double checking the details of this is particularly important if you have a pre-existing medical condition or you are aged 60 or over.
Inform your employer of any change in details they may need, to pay to your chosen super account.
Don’t simply choose the account with the highest balance. Rather, take into consideration the performance of that super fund, the fees you are required to pay, whether it is linked to any insurance and any other factors. Upon reviewing this, you may find that rather than choosing between your current super funds, starting with a completely new fund might be the best way to go.
How to consolidate to one of your current super funds:
Create an account on the myGov website
Link your myGov account to the ATO
Go to ‘Super’ and then ‘Manage’
Select ‘Transfer Super’
Transferring to a new fund
In the case you decide that transferring to a new fund is the best option, you can consolidate either by contacting the new fund directly, or using an ATO rollover form.
Strategic planning for businesses ensures resilience and continuity in adversity.
While businesses often focus on growth and expansion, preparing for potential disruptions and emergencies that could threaten operations is equally essential.
This is where disaster management, crisis, and continuity plans come into play.
Disaster Management Plans
Disasters can strike without warning, ranging from natural calamities like floods, earthquakes, and hurricanes to human-made incidents such as cyberattacks, data breaches, or supply chain disruptions.
Disaster management plans outline strategies and protocols for responding to and recovering from such events swiftly and effectively. These plans typically include measures for ensuring employee safety, protecting critical assets and infrastructure, and minimising downtime.
By having a comprehensive disaster management plan, businesses can mitigate the impact of disasters and expedite the recovery process.
Crisis Management Plans
While disasters are often external events beyond a business’s control, crises can arise from internal factors such as leadership failures, product recalls, or reputational issues.
Crisis management plans are designed to address these unexpected challenges and mitigate their impact on the organisation’s reputation, brand equity, and bottom line. These plans outline communication strategies, escalation procedures, and decision-making frameworks for managing crises promptly and transparently. By proactively addressing crises and demonstrating resilience, businesses can preserve stakeholder trust and emerge stronger from adversity.
Business Continuity Plans
Business continuity plans focus on maintaining essential functions and operations during and after disruptive events to ensure minimal disruption to business operations.
These plans identify critical processes, resources, dependencies, and alternative strategies for sustaining operations during a crisis or disaster.
Business continuity plans encompass remote work arrangements, data backup and recovery procedures, and alternative supply chain routes.
By prioritising continuity and preparedness, businesses can reduce downtime, protect revenue streams, and uphold their commitments to customers and stakeholders.
Benefits of Comprehensive Planning
Risk Mitigation: By anticipating potential threats and developing proactive strategies, businesses can mitigate the impact of disruptions and minimise associated risks.
Resilience and Adaptability: Comprehensive planning fosters organisational resilience, enabling businesses to adapt and respond effectively to changing circumstances and emerging challenges.
Stakeholder Confidence: Demonstrating preparedness and responsiveness instils confidence in customers, employees, investors, and other stakeholders, strengthening relationships and fostering loyalty.
Regulatory Compliance: Many industries have regulatory requirements mandating development and implementation of disaster management, crisis, and continuity plans. Compliance with these standards is essential for avoiding penalties and legal liabilities.
Competitive Advantage: Businesses prioritising resilience and preparedness gain a competitive edge by differentiating themselves as reliable partners and service providers.
Disaster management, crisis, and continuity plans are integral components of strategic planning for businesses seeking to enhance resilience and ensure continuity in the face of adversity.
By investing in comprehensive planning, businesses can mitigate risks, maintain essential operations, and safeguard their reputation and bottom line.
In today’s volatile and uncertain business environment, proactive preparedness is not just a best practice but a strategic imperative for long-term success and sustainability. Need assistance with strategic planning as we approach the end of the financial year? Speak to one of our trusted business advisors.