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Aussie customers lost to overseas stores

Big businesses like Myer and David Jones are considering new ways of attracting customers after The Commonwealth Bank released information showing a massive turn in the way Australians are doing their shopping.

It is estimated that last year, Australians spent $9.5 billion on online shopping sites, $4.2 billion of this on overseas sites. The ease and widespread access of the internet, coupled with a growing trust for online retailers, is seeing shoppers take advantage of the high Australian dollar and reap bargins from overseas stores.

While slashing prices hasn’t seemed to stem this flow, department stores are reviewing their pricing policies and trying other strategies, such as offering their online customers free shipping, in order to regain the nation’s retail loss.

With these changes in shopping trends and the growing popularity of online webstores, Australian small businesses are being encouraged to modernise their business structures to help bring some of the $5.3 billion, currently being spent overseas, back to our shores.

Posted on 10 August '11 by , under Business.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

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