Feel on top of your super
Adding extra contributions to your super now can help you feel on top of your super, and your future. That’s because the sooner you start, the better it can be.
5 minute read
The end of the financial year is a good time to look at the different options, including government incentives, available to you to help boost your super and help you achieve your retirement dreams.
As well as being a tax effective way of boosting your future savings, the ripple effect of compound investment earnings from regular contributions, maybe worth it in the long run.
Ways to boost your super for the financial year
Voluntary after tax contributions
Add to your super from your after-tax income on a one-off basis or regularly.
Tax deductable contributions
Claim a tax deduction on some or all of the after-tax contributions you pay into super account.
Salary sacrifice contributions
You may be able to reduce your taxable income with salary sacrifice contributions. Set up through an agreement with your employer, money is paid into your super before you pay tax.
Contribute up to $330,000 over three years without exceeding the contribution cap limits.
You may be able to add more to your super this financial year, without exceeding your non-concessional cap limit. If your total super balance across all funds was under $500,000 at 30 June 2020, and you have unused caps for concessional contributions from the last two financial years, you may be able to take advantage of catch-up contributions.
Get up to $500 from the government added to your super. Depending on your income, you may be eligible for an extra super contribution from the government.
Low income super tax offset
The Government could boost your super savings by giving you a low-income super tax offset.
You could get a handy tax offset in the process by contributing to your spouse’s super.
Need to claim a tax deduction?
If you're wanting to claim a tax deduction for any tax deductable contributions you’ve made this financial year, you'll need to notify Australian Retirement Trust by completing the Claim or vary a tax deduction form in Member Online.
Tools to feel on top of your super and your future
Want to see for yourself how adding a little extra into your super could help you achieve your dream retirement? Use our contributions calculator to find out if you could save on tax or get a government co-contribution payment.
Get advice about your situation. It may be important to discuss making additional contributions with an adviser if you have one. If you don’t have a financial adviser, you have access to financial advice about your Australian Retirement Trust account for no extra cost.