Adding before tax money to super
Adding before tax money to your super is also known as salary sacrifice. This is additional money your employer adds to your super from your pay before they deduct your income tax. The limit or cap on before tax money you can contribute to super, and be taxed at the low super tax rate is $25,000 per year.
Adding before tax money to your super is a good strategy to grow your savings while reducing your tax bill (if your tax rate is above 15%).
Mine Wealth + Wellbeing Financial Advice can provide you with free advice over the phone about the best way to grow your super. Call 13 MINE (13 64 63) to speak to an adviser.