As the end of another the financial year approaches, it’s time to consider strategies to boost your super. Whether you’re planning for retirement or simply aiming to secure your financial future, taking action before the financial year concludes may have significant benefits. Here are some last-minute tips to boost your super, either for yourself or your spouse:
- Extra Contributions: One of the simplest ways to increase super is by making additional contributions from your savings. These contributions can be made as concessional (before-tax) contributions or as non-concessional (after-tax) contributions. Be mindful of annual contribution caps to avoid penalties.
- Salary Sacrifice: You can speak with your employer about setting up a salary sacrifice arrangement. This involves redirecting a portion of your pre-tax salary into your super fund. Not only does this reduce your taxable income, but it also boosts your superannuation savings over time.
- Spousal Contributions: If your spouse earns less than $40,000 per year or isn’t working, you may be eligible for a tax offset by making contributions to their super fund. This can be a tax-effective strategy to build retirement savings as well as support your partner’s financial security.
By taking advantage of these last-minute tips, you can give your superannuation a significant boost before the end of the financial year. Planning ahead and making informed decisions now can pave the way for a more secure and comfortable retirement in the future.
This blog is provided as an information service only and therefore does not constitute, and should not be relied upon as financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed. Alternatively, for financial product advice that takes account of your personal objectives, financial situation or needs, you should consider seeking financial advice from a licenced financial advisor.
Related blogs:
New Super contribution limits
What happens if I make excess contributions to super?
How can you access your super?
Author: Jesper Lim
Email: jesper@faj.com.au
