At the beginning of each year, many Australians start thinking about their goals and plans. It’s also a great time to consider your super, and how you can take advantage of some tax benefits that come with making extra contributions.
The best part is that you’ve still got a few months to maximise your tax incentives before the end of the financial year.
Find out about some of the contribution options that could be worth considering this new year.
Government co-contributions
Low- and middle-income earners could receive extra money from the government just by making a personal contribution to their super. If you’re eligible, the government could contribute 50c for every dollar you pay into your account – up to a maximum of $500 each financial year. To receive a co-contribution for the 2024–25 financial year, you’d need to contribute to your super by mid-June 2025. This will allow plenty of time for processing and ensure you don’t miss out. Work out if you’re eligible.
Spouse contributions
Contributing to your partner’s super (or vice versa) before the end of June 2025 can be a useful way to boost your combined savings. If you’re eligible, it might even help you save on tax. The spouse contribution tax offset is available once each financial year. So if you can afford it, small contributions could help you secure the retirement you both want and maximise a potential tax offset. Grow your joint savings.
Salary sacrifice contributions
You can ask your employer to pay more into your super from your before-tax salary. It’s an easy way to grow your super and pay less tax. Best of all, because the money comes from your pre-tax salary, it won’t hit your wallet as hard. Get the details.
Tax-deductible contributions
Did you know you can claim a tax deduction each financial year on the money you contribute to super from your after-tax income? If you’re able to, making small, regular contributions to your super before mid-June each year can make a big difference to your savings by the time you retire. Find out how.