Best superannuation option for WHV
I have a friend visiting from across the ditch who recently started some labor work. His employer is asking about the best place to allocate his superannuation. He plans to stay for another six months, possibly longer if he chooses to extend his stay. Does anyone have recommendations for a short-term super fund? Thanks in advance!
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When it comes to choosing a superannuation fund for someone on a Working Holiday Visa (WHV), it’s important to consider options that are flexible and suitable for short-term use. Here are a few recommendations:
Industry Super Funds: These often have low fees and good performance. Look into funds like Hostplus, HESTA, or CBUS. They tend to be well-regarded and have options for short-term investment.
High-Interest Savings Accounts: While technically not a super fund, some people choose to park their super in an account that earns interest. This might work if he’s planning to withdraw his super soon after leaving Australia.
Low Fee Funds: Funds like ING or Sunsuper offer low fees and good accessibility. This can be beneficial if he plans to transfer or withdraw his super when leaving.
Online Comparison Tools: Websites like Canstar or Finder allow comparisons of funds based on fees, performance, and other criteria – which can help your mate find one that suits his needs.
Consider Future Withdrawals: If your mate returns home or travels elsewhere, it’s worth checking the rules on accessing superannuation early, particularly for WHV holders.
Always encourage him to read the fine print and perhaps consult with a financial advisor if he’s unsure. Good luck to your mate!