Revive Your Super
For many, the only way their retirement savings will grow is through employer contributions. But there are plenty more options. Adding extra money to your super is a healthy financial habit that may give your super a boost over the long term. Below, we break down the different options and show you how to revive your super balance to help fund a stress-free retirement.
Super Guarantee contributions
Employers are required to contribute at least 9.5% of your salary into your super account via the compulsory Superannuation Guarantee (SG) payments. In the future, this is scheduled to increase to 10% from 1 July 2021 and 12% from 1 July 2025.
What you need to do: You don’t need to take any action.
Salary sacrifice contributions
Boost your super balance and potentially reduce how much tax you pay by contributing an extra amount of your before-tax salary to your super.
What you need to do: Speak to your employer to arrange.
Adding to your super from your take home pay is a great way to build your savings. Even putting in a small amount regularly can make a big difference down the road. This type of contribution can be claimed as a tax deduction when you’re doing your return, lowering your taxable income.
What you need to do: Log in to Member Online to access our BPAY details or contact our Client Services team for help.
If you’re a low or middle-income earner and make after- tax contributions to your super, the Government will provide a boost of up to $500.
What you need to do: Make a contribution and lodge your tax return. The ATO will assess your eligibility and pay your super account automatically.
Low Income Superannuation Tax Offset (LISTO)
The LISTO helps people on low incomes save for retirement. If your total income is less than $37,000, the Government will provide a super payment of up to $500 per financial year.
What you need to do: Nothing. The ATO will calculate this based on information collected from your fund and employer.
If your spouse is non-working or low-income, you can help to grow their super by making contributions on their behalf and claim a tax offset of up to $540.
What you need to do: Contact our Client Services team for more details.
Bring your super to life with VISSF
If you're thinking about making extra contributions, the VISSF Advice Team are on hand to answer any questions you may have. To arrange a complimentary telephone appointment simply call 1300 660 027 weekdays.
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