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Superannuation is an ideal investment for retirement, and there are some easy ways to build super that can make a substantial difference to your final nest egg.
Adding to your super today means enjoying a better lifestyle in retirement, and there are opportunities to grow your super that can provide immediate benefits including valuable tax savings.
If you've held more than one job or changed your name or address, you could have some forgotten super savings. It’s important to reunite with any lost super as this money belongs to you. The Tax Office has an online Super Seeker that lets you track down any lost super or your financial adviser can check if there’s unclaimed super in your name.
If you have several super funds it may be worth combining, or ‘rolling’, multiple balances into a single fund. You can save on fund fees and it’s far easier to keep track of a single fund over time.
Before combining your super funds, make sure you are familiar with the insurance policies within each of your existing funds so you don’t cancel a valuable policy. This is something your adviser can help with.
One way to grow your super savings is by ‘salary sacrifice’. This involves having part of your before-tax wage or salary paid into your super rather than receiving the money as cash in hand. These contributions are taxed at 15%, which could be lower than your personal tax rate, making salary sacrifice a tax-friendly way to save for retirement.
You can also contribute to super using after-tax money from your own pocket. The appeal here is that no contributions tax applies – a saving of 15%, although contribution limits do apply. Think about using windfalls like an annual tax refund to grow your super.
If you’re a low to middle income earner, you could be eligible for a co-contribution from the federal government. If you make eligible super contributions, the government will then match your contributions up to a maximum amount. Your adviser can help you maximise these co-contributions.
Annual limits apply to the amount you can contribute to super – exceeding these limits can mean paying extra tax, so it pays to keep track of how much is going into your fund each year.
These limits are subject to change and are designed to encourage you to save for retirement throughout your working life, so the earlier you start contributing, the more you will be able to grow your super.
There are limits in place for both before tax contributions such as compulsory employer contributions and salary sacrifice (known as Concessional Contributions) and personal after-tax contributions (known as Non-Concessional contributions).