While employers must pay a minimum level of super (known as the superannuation guarantee) for all eligible employees, there are ways you can add to your own super and give your retirement savings a boost. And thanks to the effects of compound interest, even small contributions can make a big difference to your super balance over time.
Salary sacrificing contributions is where your employer agrees to pay a certain amount of money to your super instead of paying that amount to you as salary. This means you’ll generally pay less income tax and your take-home pay may increase.
Depending on your income, you could be eligible for the Australian Government’s super co-contribution. This gives your super an extra boost when you make an after-tax contribution.
Making contributions to your spouse’s super is a great way to help boost both your retirement savings while also enjoying tax benefits.
The amount you and your employer contribute to your super depends on who you work for and how you're employed. Find out what employer and/or standard member contributions apply to you.
If you earn at least 90% of your taxable income from self-employment you could contribute to your LGIAsuper account and claim a tax deduction. Learn more about self-employed contributions.
If your annual taxable income is $37,000 or less you could be eligible to receive a $1,000 boost to your super from the Australian Government each financial year up until 2016/17. This is known as the low income superannuation contribution (LISC).
The Australian Government caps the amount you can contribute to super each year without paying extra tax. So it’s a good idea to keep an eye on how much you and your employer are putting into your super.