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Making extra contributions to your super now could make a big difference when you retire
When money's paid into your super account (whether it's from your employer or you), it's called a super contribution. Generally, super contributions are split into 2 types:
No matter how much extra you decide to contribute to your super, every little bit can add up.
Adding extra money to your super is a great way to grow your retirement savings, but there are limits to how much you can add. Too much can mean extra tax.
Your employer must pay the superannuation guarantee (SG) rate of 12% to your super. And some may pay you more if you add your own contributions.
Paying money into your super from your before-tax salary could mean paying less income tax while you grow your retirement savings.
Want to contribute to your spouse's super? Move some of your before-tax contributions to them and you both could benefit.
Even small amounts from your after-tax pay can help build up your savings for a better future. You may also be eligible for a tax deduction on voluntary (after tax) contributions (which will turn your them into before-tax contributions).
Top up your spouse’s superannuation from your after-tax income and you could be eligible to get a tax offset of up to $540. Before topping up your spouse's super, check to make sure they haven't gone over their contributions cap for the financial year.
If you earn less than $37,000 per year, the government could refund the tax you pay on any before-tax contributions made to your super up to a maximum of $500.
If you’re on a lower income and make after-tax contributions to your super, the government may reward you by adding more to your balance.
If you're downsizing and aged 55 and over, you may be able to add money from the sale of your home to your super. And this doesn't count towards your contribution caps for the financial year.
From quick wins to setting up regular contributions, we make it easy to add more to your super. Get started with a few simple checks to make sure your super is where it should be.
Before you consolidate your super, think about whether it’s right for you. You could lose access to benefits such as insurance or pension options, and you need to consider tax implications.
If you're not sure what’s the best way to add extra to your super, start by comparing options with this general guide. It's important to check the rules and details for each option and be aware of contribution caps. ART is not a tax agent, and we recommend you consider getting your own financial and/or tax advice.
If you're eligible to open an account with us, it only takes 10 minutes to apply online.
If not, you can still awaken your super with Australian Retirement Trust.