Here is a list of links to external sites that may be of interest. These links provide general financial information and may change without us being notified.
Money Smart is a government initiative that offers tips & tools to help you make the most of your money. A number of useful calculators are included.
Super Guru provides independent information to help you better engage with and grow your superannuation
Australian Taxation Office can help you understand super and work out what you are entitled to. There is also help with growing and keeping track of your super and information on when and how you can access it.
Growing Your Super
We all live longer these days and the default super our employers are paying most likely won’t be enough to meet our needs in retirement. That’s why it is always a good idea to put a little extra into your super funds.
The main benefits of growing your super as much as possible are:
- We are living longer and the age pension is not enough for retirement life
- Tax concession available on the personal contributions
- You may be eligible for government co-contribution of up to $500 a year
Ways to Boost Your Super
- Salary Sacrifice before-tax money into Super
Speak to your employer about making salary sacrifice into your super. You will only pay 15% tax, generally, this is lower than the tax paid on your take-home pay (average between 34% to 46.5%). Because salary sacrifice is classified as a concessional contribution, $25,000 annual limit applies.
- Make after-tax contributions and add extra contributions
Take advantage of the tax concession and the co-contribution options the government is offering. Make before-tax contributions or After-tax contributions to give your retirement a boost.
You could also receive the bonus government co-contribution of up to $500 a year.
- Enjoy extra tax offset by making a spouse contribution
A tax offset of up to $540 may be available if you make an after-tax contribution on behalf of your spouse or receive a contribution from your spouse. The tax offset phrases out where your assessable income exceeds $40,000.
- Save money on fees by consolidating all your super into one account
If you have changed jobs in the past, the chance is you will have multiple super accounts. Combining them means, not only you save on multiple sets of admin fees, you will also have less paperwork to do, to help you to top of your retirement planning.
Find and consolidate your super through your myGov account
- Ensure we have your TFN
Provide us with your Tax File Number (TFN) to avoid higher tax on your concessional contributions and on super benefits. It will also make it easier to locate lost super and consolidate your super.