Help your super make a comeback



Sharemarket's have taken a big hit recently. But because your super is spread across a variety of assets, it is less likely to have experienced the full brunt of the falls. Plus having diversified investment options, means your account balance is well placed to bounce back sooner, potentially recovering value faster than the broader financial markets.

There are plenty of other things you can do to make sure your super is in good shape for recovery. The best part is, it can be surprisingly simple. To get you started we’ve rounded up 8 ways to help your super make a comeback, without too much time and effort.

1. Find and combine your super

At last count, there’s around $20.8 billion1 sitting in lost and unclaimed super. Some of that money could be yours. Or maybe you are aware of additional accounts but haven’t yet consolidated them. By rolling over these balances into one super account, you can save on account keeping and insurance fees, plus give your super a welcome boost on the road to recovery. 

Use the super consolidation tool within Member Online and we’ll find and combine all your accounts in just a few clicks. The Client Services Team can also consolidate your super over the phone.

2. Consider your investment profile

When you get closer to retirement age, falls in the market may affect your more. You have less time to recover, especially if you want to withdraw money in the next few years.  

As a guide, conservative investment options generally produce lower and more stable returns and are less likely to see a loss. While growth investment options attract a higher level of risk and seek to deliver higher returns over a longer term.

As retirement may span a third of your life, important decisions need to made about your risk tolerance and investment choices. These will influence how hard your savings are working once you retire.

We suggest reviewing your investment strategy at least once a year to make sure your super is not missing out on potential earnings.

3. Invest your small change

There are a few shop and save programs available that may add to your super balance whenever you spend. Here are just two examples.

Super Rewards is an online shopping platform where retailers pay cash rewards into your super. Every time you shop, whether you’re buying groceries or shoes, you will get cash rewards from up to 120 retail partners paid into your super account. You can find out more at www.super-rewards.comOpens in new window and remember to read the terms and conditions before signing up.

The Longevity App automatically invests spare change that you’ll never miss. It links your everyday spending account or credit card with your super account and invests a small percentage extra - starting from 1% - into your chosen super account. A cent here and a dollar there can really add up - but be sure to check all the fine-print before you download. Visit mylongevityapp.comOpens in new window to learn more.2

4. Add to your super from your income

Fast track your super recovery by making extra contributions from your salary - ‘before tax’ or ‘after tax’. Even a small, regular amount can make a big difference.

Making contributions from your salary before tax is called salary sacrificing. This can be a tax effective option as you pay less tax on these contributions - up to 15%. You can ask your employer to set up salary sacrifice contributions directly from your pay.

You also have the option of making regular or one-off personal contributions into your super from your take-home pay. You can claim these as a tax deduction. To make a one-off payment or set up recurring payments, log into Member Online to access your BPAY details.

5. Government co-contributions

If you are a low to middle income earner and make after-tax contributions to your super, you may be eligible for a boost from the Government of up to $500. You don’t need to apply, simply make a contribution and lodge your tax return. The ATO will assess your eligibility and pay your super account automatically.

6. The low income superannuation tax offset (LISTO)

For those members on lower incomes, LISTO can help boost your super savings. If your total income is less than $37,000 the Government will use the information collected from your fund and employer to automatically provide a super payment of up to $500 per financial year.

7. Boost your spouse’s super

If your spouse is non-working or low-income, you can add money into their super account on their behalf. You may even be able to claim a tax offset of up to $540.

8. Make a downsizer contribution

If you are aged 65 plus, you could benefit from making a downsizer contribution. This is a tax-free contribution to your super of up to $300,000 using the proceeds from the sale of your home. Depending on your situation, a number of rules may apply.

Get advice at no cost

Whether you have simple questions about how to fast track your super recovery or want to discuss your retirement options, a chat with the VISSF Advice Team can help set things straight. To arrange a telephone advice appointment simply call 1300 660 027 between 8am and 5pm weekdays.

1 Australian Taxation Office, Lost and unclaimed super by postcode (2019). Available at in new window

2 VISSF is not associated with the Longevity App or Super Rewards program in any way. The information provided is general in nature and members are encouraged to do their own investigation before signing up.

Find & combine

Consolidating your super into one account makes your money work harder because you save on paying multiple sets of fees.

Learn more