Make the most of this financial year

There are only a few more weeks left to make the most of this financial year. As well as the potential tax advantages of investing your money in super, you’ll also benefit from the boost to your super balance. Between now and the time you retire, your super will be working hard for you, earning a return on the money you’ve invested.

Growing your nest egg is all about helping you enjoy the lifestyle you want in retirement. To help you get there, there are some simple strategies you could put in place now. Remember, the more you add to your super, the faster your balance will grow.

Here are some options to consider

  • After-tax

    These contributions from your take home pay aren’t taxed within super.

    Learn more
  • Before-tax

    Also known as salary sacrificing, these contributions boost your super balance and you may pay less tax.

    Learn more
  • Spouse contributions

    If your spouse has a low income or isn’t currently working, you can both benefit if you add money to their account.

    Learn more

Boost your super further with the government co-contribution

If you earn less than $54,837 pa adding after-tax money to super may qualify you to receive a government co-contribution of up to $500 in the 2020-21 financial year. Check out this factsheet for more information.

First Home Super Saver Scheme

Did you know? If you’re a first home buyer, you can use your super to help save for a deposit, using the First Home Super Saver scheme. This allows you to take advantage of the generous tax rates that apply to super by withdrawing up to $30,000 from voluntary contributions you’ve made to your super. Check out this factsheet for more information, including eligibility criteria and the rules you need to follow.

Things to consider when making extra contributions

Before adding to your super you should consider what’s best for you. The MoneySmart Super Contribution Optimiser helps you work out what type of contribution will give your super the biggest boost. Contributions may be subject to limits or contribution caps and criteria set by the government. Remember, your contribution needs to be in your account by Wednesday, 30 June 2021 for it to be counted this financial year. As some banks and payment methods can take a few days, it’s best to not leave it to the last minute.

We're here to help

If you’re unsure what’s best for you, don’t forget we’re here to help. You can give us a call on 13 64 63 or email help@mine.com.au. If your needs are more complex, we can put you in touch with a financial adviser from Mine Super Financial Advice. You can also speak to your financial adviser or accountant to discuss your situation.