How you can grow your super
There are many different ways in which you can grow your super so you have a larger retirement nest egg. Here are some easy ways to help grow your super:
- Take advantage of after tax co-contributions – The government has set up a co-contributions scheme which means that if you earn under a certain amount, they will match your contributions. For more information on co-contribution, including some of the considerations you need to understand, click here.
- Salary sacrifice from your before tax income * – You can ask your employer to set aside some money from your pay and put it directly into your super. You may achieve some tax benefits on top of growing your super more rapidly. Click here for more information about salary sacrifice.
- Consolidate your super funds - If you have more than one super fund, you may be paying extra fees and charges. Why not transfer them all into one account, so you can easily keep track of your growth and minimise your fees and changes. Click here to find out more about consolidating your super.
- If you are self-employed, then take advantage of the full tax deduction for all super contributions * – You can claim a full tax deduction for your super contributions instead of a just a portion of them if you are self-employed.
* Be sure to watch out that you don't contribute over the applicable contribution caps - you might be liable to pay a penalty tax if you exceed the statutory limits.
Your financial adviser can also help you look at ways to grow your super. If you don't have an adviser, click here to find one near you.