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How can we make the most of our super?

Planning for your retirement may seem like a long way away but it’s never too early to start, and making the most of your super is a super smart way to do so.

Here are some ‘super smart strategies’ to boost your super.

What is superannuation?

Superannuation is a tax-effective way of saving money for your retirement. If you are employed, your employer pays super for you but it doesn’t stop you from topping up your super with your own money as well. The government helps low-income earners with super payments.


Consolidating your multiple super funds into one is a great way to streamline your super savings, and make it easier to manage and keep track of your super amount. Having the one fund means paying one set of fund fees, reduces the administration time and minimises the super statements. Going through a consolidation process could uncover lost super and give you more visibility over your super savings.

Before you consolidate it is best to discuss this strategy with your financial planner as there can be potential tax, fees and insurance implications to be aware of, and it’s a good idea to weigh up all the benefits and the disadvantages.

After-Tax Money Top Up

Every little bit counts, and if you have some spare money, you can pop it into your super. Using your own income taxed money to save into super is called a Non-Concessional Contribution. This a great way to boost your super savings by either making a lump sum payment or setting up a regular contribution plan.

There are certain age requirements and other rules as to who can and how much you can top up or you could end up paying extra tax. To avoid this scenario it is best to consult with your financial planner.

Concessional Contributions

Concessional contributions are what your employer pays towards your super fund or extra contributions you can make before tax known as salary sacrifice, and other personal contributions.

Salary Sacrifice

Salary sacrifice is an arrangement where your employer uses some of your pre-tax income or wage money to make super payments into your fund. It is a great way to build up your super and at the same time reduce tax.

They are effective ways to grow your super savings and can be tax-effective in certain situations. To fully understand how you can salary sacrifice or whether you can make personal contributions, it is best to speak to a financial planner to understand all the ‘ins and outs’ to avoid penalty taxes.

Top up from the Government

You may even get some super top-ups paid by the Government in the form of super co-contributions or the low-income super tax offset.

To check for eligibility, it is best to check the ATO (Australian Tax Office) website or ask your financial planner.

Help from your Spouse

If you go on parental leave, your working spouse may add to your super fund. This means your super fund will still grow even though you don’t receive any employer contributions whilst on leave.

To check whether you can contribute towards your spouse’s super, check the ATO website or seek guidance from your planner.

Even if your retirement maybe years away, you can still make the most of your super with these tips to boost your super savings.
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.