When it comes to your super, adding a little extra now could make a big difference later. Indeed, every little bit really can help when you’re saving for a retirement you’ll love.
Why consider giving your super a boost?
You might think your super is already being taken care of – after all, that’s what your employer’s compulsory Superannuation Guarantee contributions are all about, right? But these contributions alone often aren’t enough to ensure you achieve the retirement lifestyle you want to live. Here we take you through the different ways to give your super a boost.
Before-tax contributions come from your pay before income tax has been calculated and deducted. They’re also called ‘concessional contributions’. The Superannuation Guarantee (SG) contributions your employer is required to make on your behalf are before-tax contributions. Here are some other before-tax contributions you can make in addition to your employer’s SG contributions.
Salary sacrificing means putting some of your income directly into your super instead of taking it all as pay. And it can be a tax-effective way to build your savings.
After tax contributions
These are contributions you can make from your take-home pay (income tax has already been paid on this money). And if you’re earning a lower income, making an after-tax contribution may also qualify you for the Government co-contribution.
Personal after-tax contributions
Build your super with additional personal contributions.
Contribution caps and how they work
The government sets limits or ‘contribution caps’ on how much you can add to your super each year. If you contribute enough to go over one of the caps, you could end up paying more tax on your contributions, so it’s important to know what they are and how they work.
We’re here to help
If you’re not sure which types of contribution might work for you, we can help…
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