Maximise your super for retirement

You can choose to ‘sacrifice’ part of your salary and direct it to your super savings instead (sometimes referred to as before-tax contributions). For most people, salary sacrificing is an easy, automatic set-up that could result in a tax deduction too.

On top of boosting your superannuation, your salary sacrificed amount will only be taxed at 15% (often less than your income tax rate). You’ll also reduce your taxable income and potentially your tax payable, making tax return time a little more rewarding each financial year. It’s important to know what restrictions apply before you start.

Making voluntary after-tax super contributions (or non-concessional contributions) is a great way to boost your superannuation balance. Depending on your eligibility, the government could reward your savings efforts with a co-contribution of up to $500.

Limits apply to how much you can contribute to superannuation so make sure you're informed before starting.

Partnerships are about supporting each other. There may come a time when your partner’s superannuation growth will need a boost from you. There are two ways you can help your partner grow their super:

• Spouse contributions (after-tax)
• Contribution splitting (before-tax)

Making a spouse contribution may also make you eligible for a tax offset.

If you make a personal after-tax contribution to your super, you can claim a tax deduction on all or part of it, meaning you may get a little extra back at tax time.

The tax deduction will effectively change your after-tax or ‘non-concessional’ contributions to a ‘concessional’ contribution. That means the amount will be taxed within the super fund at 15%* rather than at your marginal tax rate.

There are rules around limits and timing that you need to consider before claiming a tax deduction on personal contributions.

* 30% for those who earn over $250,000 p.a.