With end of financial year approaching, it’s a great time to think about the benefits you may get from adding extra contributions to your super.
Put simply, the more money you add to your super, the better your lifestyle may be during retirement. And when it comes to your super contributions, even a small amount goes a long way in building the future you deserve.
Making extra contributions could also help you receive tax benefits, depending on the amount and type of contribution you make. Learn more about how much you can contribute to make sure don't pay extra tax.
It’s quick and easy to make a contribution (for this financial year) by BPAY and you have until Wednesday 26 June. Log in to your online account to find your BPAY details and while you’re there, don't forget to check your contribution cap levels before making any contributions.
If you need help, you can call us on 1300 369 901.
These ‘after-tax’ contributions are additional payments you can make from your take home pay, after income tax is deducted. These types of contributions are considered non-concessional contributions, which means you don’t claim a tax deduction on them.
If you are a low-to-middle income earner or currently unemployed, your spouse (husband, wife, or de facto) can make after-tax contributions to your super account. Your spouse can then claim a tax offset of up to $540 a year for their additional contribution. The eligibility criteria are that you earn less than $37,000, live with your spouse, don't exceed your non-concessional contributions cap in the relevant financial year, and have a super balance of less than $1.6 million on 30 June of the previous financial year.
The tax offset amount will gradually reduce for income above this amount and completely phases out when your spouse’s annual income reaches $40,000.
To receive a spouse contribution you must also be under age 70 and if you're aged 65 to 69 and meet the work-test.
Government co-contributions are like a reward scheme for low and middle-income earners who are making personal contributions to their superannuation. You can receive a contribution from the government of up to $500.
This can be an effective method of building your retirement savings while enjoying tax benefits. You can ask your employer to pay some of your pre-tax salary into your super fund, which means you'll pay less tax because your salary sacrifice contributions aren’t subject to income tax. They are taxed at 15% instead of your marginal tax which could be as high as 45%.
Please review the below key cut-off dates for cheques and BPAY.
If you would like more information about your contribution options, please call us on 1300 369 901.
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