Superannuation

Growing your Super

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There are a number of ways you can grow your super to make a positive difference to give you more optionality for your lifestyle in retirement.

If you are, or have been employed, you should make the most of employer’s contributions by:

  • checking your employer’s super guarantee contributions are paid into your fund (if you’re eligible to have super paid to you).
  • letting the ATO know if you think you have unpaid super from your employer.
  • Keep track of your super by linking your myGov account to the ATO and search for any lost or ATO-held super.

To actively grow your super some steps include:

  • reviewing both the super fund and also the investment type/options you have selected within that fund.
  • consider a salary sacrifice arrangement with your employer.
  • making your own personal contributions. Personal contributions are non-concessional (after-tax) contributions and will count towards your non-concessional contributions cap unless you have claimed a tax deduction for them.
  • checking if you ‘re eligible for government contributions. If you are a low or middle-income earner (eligibility criteria applies) and make personal (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500.
  • transferring money from foreign super accounts.
  • consider whether it is worthwhile for your spouse to make a contribution to your super.

Limits or caps apply on the amounts that can be contributed to your super each financial year. If you go over these caps, you may have to pay extra tax. If you’d like any assistance with your super, don’t hesitate to get in touch with our STS Accounting Team.