The end of the financial year is just about here, so it's the perfect time to think about boosting your super.
Besides giving you more in retirement, boosting your super now can bring some real tax benefits. You might be able to claim some sweet government incentives too.
Here are just some of the ways you can boost your super and benefit this EOFY.
Make personal (after-tax) contributions
Making a one-off or regular personal contribution to super is a fantastic way to boost your super balance. In fact, putting as little as $10 extra per week into your super can add up to thousands when it comes time to retire.
To make a personal contribution to super, simply make a deposit directly into your account via BPAY®.
You can do this through your online banking service using your Spirit Super Biller Code and Customer Reference Number. These can be found in Member Online.
Claim a tax deduction on your personal contributions
Apart from growing your super balance, making personal contributions may allow you to claim some tax deductions, which can reduce the amount of income tax you pay this tax season.
To be eligible to claim a tax deduction on personal contributions, you need to:
You can claim a deduction for some or all personal contributions made in a financial year. However, there are caps on how much you can contribute to super before paying extra tax (see below). Any contributions you successfully claim a tax deduction for will count towards your concessional (before-tax) caps.
See our Claiming tax deductions for contributions fact sheet for details.
If you earned less than $56,112 in 2021-22, you might be able to receive a government co-contribution to help grow your super faster.
All you have to do is make a personal contribution to your super before 30 June. If you're eligible, the government will co-contribute 50c for every dollar you put in up to $500.
This co-contribution will automatically be paid into your super account after lodging your tax return.
For details about rates and thresholds, see Government co-contribution.
Don't go over your limit
While boosting your super can do wonders for your balance, there are limits to how much you can put into super each financial year. These are called contributions caps. If you go over the contributions caps, you may pay more tax.
Contributions caps change from year to year, so be sure to double-check the limits before you make any significant contributions.
For more information, see Contributions caps.
Not sure how to get the most out of your super? Chat to one of our expert Superannuation Advisers.
To book an appointment, call 1800 005 166.
This service is offered at no additional cost. It’s all part of the Spirit Super experience.
Advice on Spirit Super is provided by Quadrant First Pty Ltd (ABN 78 102 167 877, AFSL 284443) and issuer is Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628, AFSL 238718), the trustee of Spirit Super (ABN 74 559 365 913). Consider the PDS and TMD at spiritsuper.com.au/pds before making a decision. A copy of the Financial services guide for Spirit Super Advice is available at spiritsuper.com.au/financial-services-guide or by calling us on 1800 005 166.