Grow my super

Adding a little extra now could make a big difference down the track

Strategies to boost your super savings

Making regular contributions can help build your nest egg thanks to the power of compounding returns. While it may mean you get a little less in your pocket now, there can be tax benefits and you’ll have more money to enjoy life when you finish working.

Contributions limits

Before we launch into the key ways you can grow your super, it's important to recognise the government has limits to the amount you can contribute to super each year and the tax benefits can vary depending on the strategy you choose.  If you exceed the contribution limits, penalties may apply so it's worth understanding how they work.

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Salary sacrifice

Arguably one of the most tax effective ways to save for your future, using a salary sacrifice strategy involves paying regular amounts of your pre-tax salary into your super as additional  contributions. This approach can help lower your taxable income while growing your super, often without a substantial impact on your take home pay.

A salary sacrifice arrangement is possibly one of the easiest savings habits to adopt. There is less temptation to spend and you are committed to letting your money grow, while your savings and investment returns benefit from the power of compounding.

To get started, you will need to speak to your employer about setting up an arrangement.

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Personal contributions

To make personal contributions, also known as voluntary contributions, you simply invest money from your after-tax income or savings into your super account.

These payments are generally referred to as 'non-concessional' contributions because you have already paid tax on the money. You may also be able to claim these contributions as a tax deduction, lowering your taxable income.

You can make a one-off deposit or regular payments via BPAY. Just log in to Member Online to access your biller code and personal reference number.

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Spouse contributions

If you’re a stay-at-home parent or working part time, chances are your super is falling behind. Luckily, your spouse - husband, wife, de facto or same-sex partner – can step in to balance things out by contributing to your super. By topping up your super, they could be eligible for a tax offset too. Alternatively, they can choose to have some of their own super contributions put into your super account.

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Super co-contributions

The super co-contribution is a government initiative to help you save for retirement. If you are eligible and make personal super contributions, you may receive a bonus contribution of up to $500 to your super account from the government. This bonus is called a super co-contribution.

All you need to do is make a personal contribution and lodge your tax return. The ATO will assess your eligibility and pay your super account automatically.

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Low income super tax offset (LISTO)

If you are eligible for the government co-contribution then you may also be eligible for the Low Income Superannuation Tax Offset (LISTO). For those on lower incomes, LISTO can help boost your super savings. If your total income is less than $37,000 the government may provide a super payment of up to $500 per financial year.

The ATO will calculate your eligibility based on information collected from VISSF and your employer.

Super contributions optimiser

Identify the best ways to boost your super with extra contributions.

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Find & combine

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

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