How do I make extra super contributions? And any advice on building super?
I've just gone back to work after having kids and currently have more in my savings then I do in my super... I'm actually embarrassed to admit how little there is!!
So any advice would be great!!!
Mis 30s and need to sort it out like now!
(Yes, I'll be going to see accountant)
Thanks everyone
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5 Replies
Talk to payroll at work. They can organise regular voluntary contributions straight from your pay. You just tell them how much each pay cycle.
A financial advisor is best. There's ways to do it so you pay your contribution to reduce tax. Plus you need to look at your investment options within the Super fund to maximise return, but there's factors of risk & rules around maximum contribution & an advisor will help you understand these.
Your fund will have advisors, if that's easier.
Probably better off with savings anyway, less fees and tax than a super fund.
Tax is concessional in super fund so unless your marginal tax rate is less than 15%, super is better tax wise.
Op, if you make a per tax contribution (cap is 27,500 including your employer contributions), it is personally tax deductible.
If you have even more funds, you can make a post tax contribution up to 110,000, but no tax deduction.
Remember this money is not accessible until you meet a condition of release, so you are locking it up until retirement or age 65.
Also, ensure you are invested appropriately as you are investing more cash.
You can even have a salary sacrifice agreement with employer, putting extra cash from your pay each week or contribute once as a lump sum.
Many options, go see a financial planner or have a read about it.
Also consider using cash to pay down loans if you have any.
Also investment fees in managed funds are much of a much inside versus outside super.
With record low interest rates, if you have a good amount of cash, whether inside or outside super, I would be investing it.
I make extra payments into my super
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