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May 24th, 2024
With the end of the financial year approaching, it’s worth checking how you can maximise your super.
The good news is, it’s not too late in the tax year to make some changes to boost your retirement savings. Here are some things you can do before June 30.
Your employer is legally required to pay super contributions (known as Super Guarantee or SG) of 11% of your ordinary time earnings. Compare your payslip against your super balance to make sure these contributions have been paid. They can be paid quarterly, so payments for April 1-June 30 may not show up in your account until July 28.
If anything looks wrong, speak to your payroll department.
If you earn under $58,445 and are able to pay a little extra into your super before the end of financial year 2024, the government may also make a contribution.
Known as a co-contribution, you could receive up to a $500 contribution from the government into your super account if you are eligible.
The amount you receive depends on your income and how much you contribute. Watch this video for more information and find out if you could be eligible here.
Does your spouse earn under $40,000? If so, you could be eligible to top up their super with a spouse contribution. You could also claim a tax offset on contributions made on behalf of your spouse. More details on the spouse contribution are here.
If you don’t qualify for this you can still top up your spouse’s super through contribution splitting. This is where you give your spouse some of your super by transferring a portion from your super account to your spouse’s account. This can only be done in the next financial year.
Did you know if you make extra contributions to your super on top of your employer’s payments, not only are you growing your super faster, but you could enjoy some tax benefits?
Extra contributions can be from your before or after-tax pay, savings, an inheritance or other amounts. You can use salary sacrifice to reduce your taxable income, or claim a tax deduction on personal contributions from your after-tax salary.
There are caps on how much you can contribute to your super each year without paying extra tax, so it’s worth checking if you are within the limits. To find out more, read our voluntary contributions page.
If you want to make an extra contribution, our deadline for accepting these for this financial year is 21 June so be sure to make your payment before then. Banks may take a few days to process payments, so be sure to factor this in too.
Then it’s a good idea to ask your employer or payroll team when they will be making their payments to your super account. Employers are not actually required to make SG contributions for the April to June quarter until 28 July. So it’s worth checking if your sacrifice contribution will arrive by 30 June and count towards your concessional contribution caps this financial year.
If your payment lands in your account after 1 July, this will be counted towards your concessional caps for the 24/25 financial year.
Contact Member Services on 1300 360 988 if you have any questions.
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