EOFY Tips to Help Grow Your Super

With the end of the financial year fast approaching, now can be a good time to add to your super and potentially save on tax. Making extra payments means your super can benefit from compounding investment returns over the long term.

Here are three ways to help grow your super and reduce tax:

Salary sacrifice contributions

Also known as concessional contributions, this is when you add to your super from your before-tax pay, which could reduce the amount of income tax you pay. This is in addition to the 11 per cent superannuation guarantee (SG) your employer pays into your account and any additional contributions made by your employer. The SG will increase to 11.5 per cent on 1 July 2024.

Tax-deductible super contributions

This is when you pay extra amounts directly into your super account. You may be eligible to claim a tax deduction on these contributions when you do your tax return.

Spouse contributions

These are payments to the super of a spouse or de-facto partner. This can be a good way to reduce tax at the end of the financial year while helping to grow your partner’s super.

Learn more about how to save on tax and help grow your super

Government super co-contribution payment

If your yearly total income is less than $58,445, you could be eligible for a super co-contribution payment of up to $500 when you make an after-tax contribution to your super.

The government will match up to 50 cents for every dollar you contribute to your super from your after-tax pay. The contribution is paid directly into your super account after you’ve lodged your tax return for that year, as long as your super fund has your tax file number. Learn more about eligibility.

Keep in mind, your financial situation is unique, so before you make extra contributions to your super it’s important to find the right choice that suits you.
_{This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.}

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