Article
Boost your super
Super and investments 101Date Posted: 26 May 2022No matter where you are in your working life, there are benefits to giving your super a little boost. Even if retirement seems like a long way off, small steps taken now, like boosting your super, can really make a difference to your nest egg – and may even reduce the amount of tax you pay.
Boost your super
Growing your nest egg is all about helping you enjoy the lifestyle you want in retirement. And there are some simple strategies you could put in place now to help you get there. Here are some options to consider.
Before-tax contributions (such as salary sacrifice) | After-tax contributions |
| Before-tax contributions, such as salary sacrifice contributions, are taxed at 15% rather than your marginal tax rate which can be a good strategy to grow your super while paying less tax. You'll need to ask your employer to set up regular payments into your super from your before-tax pay. | An after-tax contribution is money you put into your super from your take home pay or from other savings you may have. After-tax contributions are also referred to as 'non-concessional contributions' and aren't taxed within super. NOTE: After-tax super contributions you claim as a tax deduction will count towards your before-tax contributions cap. |
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Based on fictitious persons. Rules and eligibility criteria apply. *Source: Super Guru small change, big savings tool. Based on a 30 year old invested in a high growth investment option, making after-tax contributions.
Super tip: one way to help you save money, is by developing a budget (and sticking with it!). You can use our budget planner that you can print out, fill in and work through. If you prefer to manage your budget digitally, you could consider using Moneysmart’s budget planner.
Did you know? If you haven’t used all your before-tax contribution cap in a financial year, you can boost your super and claim it as a tax deduction to sweeten the deal. These contributions count towards your before-tax contributions cap.
Things to consider
Before adding money to your super you should consider the eligibility criteria and rules around contribution caps (which is how much you can add to your super account each year). Check out this page to find out more, including other ways to grow your super.
Turn to Mine
If you’re a member and have any questions about what contribution type would give your super the biggest boost, or would like to make an appointment with Mine Super Financial Advice, please call us on 13 64 63 or email help@mine.com.au. We can also put you in touch with Mine Super Financial Advice for additional support to help you decide what's right for you. You can request an appointment online or by contacting us.