Superannuation Contributions.
One of the smartest ways to manage your super for the long term is to make sure money’s going in regularly. There are loads of different ways to boost your super so you can quit rich.
Your 9% super guarantee contribution
This is the compulsory payment made by employers of permanent or contract employees. By law it’s 9% of your base salary. It’s really important to know where your hard earnt cash is going.
Other ways to boost your super:
Personal contributions
Making voluntary after tax contributions to your super will have a positive impact on your account balance come retirement. Even just an extra couple of dollars a week can make a significant difference. Make sure you're up-to-date with the limits.
Co-contribution
If you make personal contributions and earn under $58,000 p.a., the Australian Government will also contribute to your super (up to certain dollar limits).
Spouse contribution
Most couples can make contributions on behalf of each other. If one of you has no income, or a low income, this may be offset against your tax.
Salary sacrifice
Most employers offer salary sacrifice and will deposit the dollars directly into your super account. Consider it a win-win situation of sorts – less tax and a quit rich plan all in one.
Talk to your employer if you want to arrange to salary sacrifice.
