The Many Ways to Top up Your Super Balance

Planning for your retirement can be assisted by making additional superannuation contributions during your younger years.

There are a number of ways to help boost your superannuation balance and take advantage of many years compounding income from investments.

  • SALARY SACRIFICE SUPER – This is when you forgo part of your salary or wages in return for your employer making additional pre-tax super contributions.
  • PAYMENT OF SUPER FROM FOREIGN SUPER FUNDS – some overseas superannuation funds are able to transfer the balance into an Australian super fund.
  • GOVERNMENT SUPER CONTRIBUTIONS – If you are a low or middle income earner and make a personal (after tax) super contribution, the government will also make a contribution into your fund of up to $500. Additionally, if you are a low income earner, your super fund will receive a low income super tax offset which is 15% of the before tax contributions made into the fund up to a maximum of $500.
  • PERSONAL SUPER CONTRIBUTIONS – An individual can make additional super contributions personally over and above any employer paid amounts.
    A tax deduction may be claimed for these contributions provided certain conditions are met.
  • DOWNSIZING CONTRIBUTIONS INTO SUPER – If you are over 65 years old and met the eligibility requirements, you may be able to make a ‘downsizer’ contribution into your superannuation fund of up to $300,000 from the proceeds of selling your home.

Prior to making any additional superannuation contributions please consider the concessional contributions cap of $25,000 for the year ending 30 June 2020.