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This financial year is like no other, but that doesn’t mean you should forget how important it is to get your super and tax affairs ready for 30 June. Here are our 10 top super tips for this EOFY.
Making superannuation contributions
A Super Guide
There are two basic types of super contributions you can make: concessional and non-concessional. Concessional contributions are made from before-tax income and are taxed at 15% in your super fund. Non-concessional contributions are made from after-tax income and are not taxed in your super fund.
Common examples of concessional contributions include:
- compulsory employer superannuation guarantee contributions,
- salary sacrifice arrangements, and
- any personal super contributions that you claim as a tax deduction.
Common examples of non-concessional contributions include:
- voluntary additional payments made from your take-home pay,
- any made on behalf of your spouse (married or de facto),
- a government co-contribution, and
- the Low Income Super Tax Offset (LISTO).
There are annual caps (limits) on the amount of concessional and non-concessional contributions you can make. If you exceed these limits, you’ll be liable to pay extra tax.
The concessional contributions cap is currently $25,000 per year (unless you are eligible to use the carry-forward rule), and the non-concessional cap is $100,000 (unless you are eligible to use the bring-forward rule).
Click on the links directly below to access the following topics about making superannuation contributions:
- Superannuation contributions strategies
- 2018/2019 Contributions Guides
- Super contributions caps
- Superannuation Guarantee (SG)
- Salary sacrifice and super
- Tax-deductible super contributions
- Spouse contributions
- Total superannuation balance
- Contributions tax
- Excess contributions
Learn more about making super contributions in the following key SuperGuide articles:
Set out below are all SuperGuide articles that relate to Making superannuation contributions.
Learn more about super housekeeping strategies in the following SuperGuide articles:
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In your 70s? The super rules that apply to you
Once you reach age 70, your ability to make contributions into your super account is limited, so it’s important to ensure you know all the rules governing when you can make contributions and withdraw money.
Learn more about the super rules in the following SuperGuide articles:
In your 60s? The super rules that apply to you
Once you reach age 60, the rules of the super system change, so it’s important to know all the rules governing when you can make contributions and withdraw money from your account.
In your 50s? The super rules that apply to you
When you get to your 50s, you should be paying a lot more attention to your super savings. So you need to know all the rules about making contributions and withdrawing money from your account.
Learn more about the super rules in the following SuperGuide articles:
In your 20s, 30s or 40s? The super rules that apply to you
In the early to mid stages of your working life you need to pay attention to your super to ensure it’s growing steadily. But you also need to know the rules about making contributions and withdrawals.
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In your teens? The super rules that apply to you
When you’re in your teens you are new to the super system, so it’s important to learn how much and when you can contribute and when you can get your hands on your savings.
Which super funds accept transfers from KiwiSaver accounts?
If you have worked in New Zealand and have a KiwiSaver account, it’s possible to transfer those savings across the ditch if you have since moved to Australia. Just don’t expect it to be easy.
How do I transfer a UK pension to an Australian super fund?
If you’re thinking of transferring a UK pension into an Australian super fund, the process has become much more difficult in recent years, but not impossible.
Worried about your super? How not to turn a paper loss into a real one
When sharemarkets fall and people start panicking, it’s easy to think the best solution is to sell your investments or swap out of your super fund investment option. But it’s a decision that could cost you dearly.
4 strategies to help fix your total super balance problem
Having a total super balance of $1.6 million can create real problems. If you want to add more to your super account, here’s four strategies to consider.
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How do tax-deductible superannuation contributions work?
Making a tax-deductible super contribution can be a great way to boost your retirement savings. Find out whether they could be the right strategy for you.
Learn more about making super contributions in the following SuperGuide articles:
Learn more about super and tax in the following SuperGuide articles:
Learn more about super contributions strategies in the following SuperGuide articles:
Learn more about the concessional contributions cap in the following SuperGuide articles:
What on earth is an in-specie transfer?
Most super fund members are familiar with the process of making contributions to their super account. However, they may be less familiar with the process of transferring an asset such as property or shares in or out of their fund without any money changing hands. We take a look at the pros and cons of in specie transfers relating to SMSFs.
Salary sacrifice and super: How does it work?
From 1 January 2020, your salary sacrificed super contributions can’t be used by your employer to reduce their SG payment obligations, regardless of the amount you elect to salary sacrifice.
Learn more about how to make super contributions in the following SuperGuide articles:
Beginner’s guide to making super contributions
Building a sizeable retirement nest egg can take some effort, but a recent study by Roy Morgan found only 18% of employees with super currently have more than the compulsory 9.5% of their salary or wages going into their super fund account.
10 hidden perks that make your super account even better
Besides being a great way to save for retirement, Australia’s super system offers some valuable – but little-known – benefits for super fund members. Here’s our list of the top 10 super benefits and how they can help improve your financial situation.