Maximising your super
Taking a few steps now to boost your super can make a big difference. Engage with your super and check your statements, locate lost or unclaimed super and consider consolidating multiple accounts. You can also make extra contributions.
Salary sacrifice contributions are paid into super from your pre tax salary by your employer.
Personal deductible contributions may be made after tax. Contributions into your spouse’s accounts are not tax deductible but, if eligible, you may get a tax offset.
For low income earners, it’s worth investigating federal government contributions and the low income tax offset. Watch your $25,000 concessional cap. A $25,000 cap applies to all pre tax contributions. This includes your employee contributions and any salary sacrificing. If you go above these limits, you may pay extra tax.
Catch up on concessional contributions.
You can carry forward unused cap amounts for up to five years as of July 1st 2019. You must have a total super balance less than $500,000 on the previous June 30.
Review your super regularly to ensure that the investment options you have selected are right for your goals, time to retirement and comfort with risk. Super is one of the best ways to save over the long term.
We’re here to help you set yourself up for a long and happy retirement.