Review your personal circumstances

(5–6 minutes)

5 Steps

• Look at your budget and regular expenses and work out how much money you have left each week or month that you could contribute to super.

• Consider whether the low tax rate on savings held within the super system (15% on investment earnings) matters to you.

  Learn about how super is taxed.

• Ask yourself if there is a chance you’ll need money in the next few years, as super contributions generally can’t be accessed until retirement.

  Learn more about when you can access your super.

• Consider whether extra contribution money could be better used elsewhere, such as to pay off your mortgage or reduce other debts.

• Decide whether your contributions should be from before-tax or after-tax money – a concessional or non-concessional contribution, or a combination of both.

  Visit Moneysmart’s Super contributions optimiser for help.