Should I make extra super contributions?
For some of us, the mandatory contributions made by our employer to our super fund are not enough to provide for a comfortable retirement income. It’s worth considering making extra contributions to maximise your superannuation, so you can afford to live the life you deserve later on.
How to maximise your superannuation
There are a few ways you can make extra super contributions. Understanding your contribution options and limits will help you make informed decisions about the best way for you to grow your super.
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.Find out more
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.Find out more
Boost your partner's super
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. Learn more about how to make spouse contributions and splitting contributions work for both you and your partner.Find out more
Consolidate your superIf you're with more than one super fund, you're paying more than one set of fees. Managing your superannuation is a lot easier when it's all in the one place. Find and consolidate any lost super with us online - it only takes a few minutes.
Learn with NGS MoneyCoach
There are a number of ways you can contribute to your superannuation.Learn more
When it comes to your super, one of the most important choices you can make is deciding your overall investment strategy.Learn more