6 Ways To Boost Super
Are you saving enough in your super? Don’t know how to contribute more?
We will provide you with six easy ways to increase your super contributions.
- Government co-contributions – You can double the money you invest by taking advantage of government incentives. Turn $5 into $10 invested with government co-contributions. (conditions apply).
- Salary sacrifice – By allocating more of your pre-tax impcome into your super you can increase your super and minimise your tax.
- Converting assets to super environment – A favourable tax treatment can result from selling your assets and putting the money into your super.
- Making up for past contributions – After the age of 50 you can make up for past years in your superannuation.
- Partner contributions – Contribute to your spouse’s super to receive tax benefits. You may also check if your partner could benefit from the government co-contribution.
- Consolidating your super – By consolidating your super you may be able to lower your fees and make it easier to manage.
Salary sacrifice is when money is regularly deducted from your salary before taxes. Another name for this is salary packaging. Salary sacrifice can be a great way to make contributions to your superannuation.
- Contributions are taxed at a lower rate in the fund than most personal tax rates. As a result you will have more money accruing for retirement than if you invest funds after taxes.
- Contributions made through a salary sacrifice are Fringe Benefit Tax (FBT) exempt.
- When you plan to retire
- Current level of savings
- How much income you will need
- How many years until you retire
- Your lifestyle plans upon retirement
If you have switched jobs you probably have multiple super accounts. It is recommended that you consider combing them into one account which will allow you to save on administration fees.
Try our FREE financial planning consultation right now.