Boost your super
Would you like to start contributing more to your super?
Super can be one of the most effective ways to build a retirement nest egg. There are a range of ways you can increase your super contributions to boost your super savings.
From the experts
When considering any super strategy, it’s important to assess how much you are contributing to super in any one year. The government has set annual limits – known as contributions caps. Contributions over these caps are taxed at a hefty rate
What you need to know
- Salary sacrifice allows you to make contributions to your super directly from your pre-tax pay. You do not pay income tax on salary sacrifice contributions which can represent a significant tax saving particularly if you are on the highest marginal tax rate.
- Make an after-tax contribution (also known as non-concessional contributions) from your after-tax money. This for example, could include funds you receive from an inheritance, the sale of an asset or a gift.
- If you are married or in a de facto relationship, you are permitted to transfer your super contributions from the previous financial year over to the super account of your partner. Boosting your spouse’s super can reduce your family’s annual tax bill.
- You can get up to $500 tax free from when you make an additional contribution to your super if you are eligible for the government co-contribution scheme.
A Financial adviser can help you:
- By providing advice to make sure your super strategy is effective
- Boost your super using smart super strategies