Grow your super
Are you leaving super tax benefits on the table this end of financial year?
Login to your account to make a contribution today, or talk to us about simple strategies that could work for you.
Take a strategic approach to growing your super
Growing your super isn’t just about making contributions, it’s about having a clear, deliberate strategy. By choosing the right investment mix, understanding your tolerance to investment risk, contributing consistently, and tracking your progress, you can build long‑term financial confidence. Depending on your goals, there are a range of strategies to support your growth, including tax‑effective contribution options, contribution limits to be aware of, and government initiatives designed to help boost your retirement savings.
Have you heard our podcast on maximising your contributions?
We unpack the simple ways you can make your super work harder for your future.
Understanding Super contribution limits
Contribution limits, also known as contribution caps, limit how much you can contribute to your super each financial year. The cap amount depends on your age, super balance, and what types of contributions are made, after-tax (non-concessional) or before-tax (concessional).
Are you eligible to add to your super, and how much can you contribute?
Add extra money to your super through before or after-tax contributions
Before-tax contributions: grow your super in a tax-effective way.
Before‑tax (concessional) contributions are made from your pay before income tax and may help reduce the tax you pay.
Ways to make before-tax contributions
Salary sacrifice
Direct part of your before‑tax salary into your super.
Employer contributions (Super Guarantee)
Your employer contributes at least 12% of your salary.
Benefits
- Lower tax on contributions -
contributions are generally taxed at 15%, which may be lower than your marginal income tax rate - Potential tax savings -
reducing your taxable income may help lower your overall tax bill - Long‑term growth -
regular contributions can increase your super over time through compounding - Easy to manage -
salary sacrifice can be set up simply through your employer
After tax contributions: grow your super using your take home pay
After‑tax (non‑concessional) contributions are made from money you’ve already paid income tax on. They offer a flexible way to boost your super at any time.
Ways to make after-tax contributions
Personal contributions
Add to your super from your savings or take‑home pay. You may be able to claim a tax deduction, depending on your circumstances.
Government co-contribution
If your income is below the eligibility threshold, you may receive up to $500 from the government when you make a personal after‑tax contribution.
Spouse and downsizer contributions
You may be able to contribute to your spouse’s super or, if you’re aged 55 or over, add proceeds from selling your home into super.
Benefits
- Flexible contributions -
add to your super at any time, one‑off or regularly - Government support -
potential eligibility for a co‑contribution (depending on income) - Tax benefits -
possible tax deductions for eligible personal contributions - Long‑term growth -
extra contributions may increase your balance through compounding
Claim a tax deduction
By making personal or voluntary contributions after tax, you can reduce your taxable income, potentially leading to lower tax payments depending on your earnings bracket.
