Make your super work for you
You’d be forgiven for thinking your employer is taking care of super for you and that you don’t need to do anything else. But for most of us, those regular contributions may not be enough to retire comfortably. The good news is that there's several ways to boost your super, save tax and retire better.
Find and combine your super
Generally one of the lowest taxed investments you can make.
For most of us, our employers are currently required by law to contribute a mandatory 10.5% of our salary into a super fund. It’s called the Superannuation Guarantee. Find out how Superannuation Guarantee contributions work and how much you should get.
Salary sacrificing your super contributions involves paying some of your before-tax salary (that’s your income before any income tax has been calculated or deducted) into your super account. Salary sacrifice contributions are generally taxed at 15%.
These are contributions you make into your own super which you can claim a tax deduction in your tax return. They’re available to most members and it's an alternative to salary sacrifice. Members who are self-employed or have difficulty accessing salary sacrifice at work may find these a better option.
Contribute up to $110,000 tax free every year.
Personal after-tax contributions are contributions that you make into your super from your take-home pay. That’s what’s left of your pay after income tax has been taken out – and that’s essentially why they’re referred to as ‘after-tax’ contributions.
Spouse contributions are contributions that you make into your spouse’s super account on their behalf, or contributions that your spouse makes into your account.
The government co-contribution is a bonus super contribution from the government, specially designed for those on lower incomes as a way of helping to boost their retirement savings.
Don't sit there wondering - our team members are here to help!