Top tips to sort your super before 30 June

The end of financial year is fast approaching and since no one wants to pay more tax than they have to, we’ve got some top tips for you to look at before 30 June!

Top tips to sort your super before 30 June

First published: June 4

Add more to your super, pay less tax

Salary sacrifice is when you and your employer agree to pay a certain amount of money into your super from your before-tax pay. A salary sacrifice arrangement can boost your super balance and even reduce your overall taxable income.

Setting up is easy. Just contact your payroll department and let them know that you would like to salary sacrifice your super contributions.

Salary sacrifice is not the only type of contribution that offers tax benefits.

Thanks to legislation that took effect on 1 July 2017, you can also claim a tax deduction* on any after-tax contributions made this financial year.

Get a helping hand

There are also ways for low and middle-income earners to boost their super balance before 30 June.

If your annual income is less than $51,813, the Australian Government will contribute 50 cents for every dollar you put into super from your after-tax pay, up to a maximum of $500.

Those who earn $36,813 or less will automatically receive the $500 co-contribution.

Read more about the Australian Government's super co-contribution.

To top up your super before the financial year ends, you can make additional contributions or a one-off payment before 30 June. Simply log in to Member online to access the BPAY code and reference number and make a contribution directly from your bank account.

Boost your partner’s super and save on tax too

Spouse contributions are a great way to grow your partner’s super so you can both enjoy a better lifestyle in retirement.

You could also receive a tax offset of up to $540 if your partner earns less than $37,000 each year.

Make an advice appointment

Booking an appointment with one of our expert financial advisers will not only help you end the financial year on a strong note, it will set you up for a better financial future.

Our team will help you identify your needs at any life stage and make the right decisions for you.

To discuss your options in greater detail or receive advice over the phone, please call us on 1800 444 396 today.

Remember, the concessional contributions cap (limit you can contribute this financial year) is $25,000**.
 
Register or log in to Member online to see how much you currently contribute. If you have room under the cap, you can use the Salary sacrifice calculator on our website to work out how much extra you could add to your super.

*You will need to complete a Notice of intent to claim or vary a deduction for personal super contributions form.
**If you contribute above this amount, you could be subject to additional tax.