Whether you need some extra spending money or just want to maximise what you already have, giving your super a little attention now could make a big difference to your future income and lifestyle in retirement.

Putting more money into super is a great way to grow your retirement savings and it can also give you tax benefits. Here are some tax-effective strategies to boost your super:

Salary sacrifice

Contributions to super made with pre-tax dollars are generally only taxed at 15% by your super fund. So if your marginal tax rate is above 15%, you get a tax advantage by salary sacrificing money into super rather than taking it as taxable salary. But remember there are contribution caps that limit the amount you can salary sacrifice.

Salary sacrifice is an arrangement made between you and your employer. Simply fill out the Contributions by payroll deduction form and give it to your payroll or HR department.

Find out more about salary sacrifice

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Spouse contributions

A spouse contribution could be a tax-effective way to boost your partner's super. If your partner earns less than $37,000 in the 2019-20 financial year, you might be able to claim a tax offset of up to $540 at the end of the financial year for putting money into their super.

Find out more about spouse contributions

Government co-contribution

If you are earning $53,564 or less, the government can contribute up to $500 tax free to your super account for making personal contributions in the 2019-20 financial year.

The best part? You don’t have to fill in any forms other than lodging an annual tax return. Just make sure your super fund has your tax file number beforehand. Eligibility rules apply.

Find out more about government co-contributions

Personal contributions

Personal contributions, also known as after-tax or non-concessional contributions, are a way of boosting your super with your take-home pay or personal savings.

If you find yourself with a bit of extra cash, putting it into super could be a great option. You’ll benefit from super’s tax-friendly environment and with a recent rule change, you may be able to claim a tax deduction.

Find out more about personal contributions

Passing the work test

If you have reached age 65, you must have worked at least 40 hours within 30 consecutive days during a financial year, or previous financial year, contributions were made. This includes contributions made by your employer, by your spouse and your personal contributions.

Make sure that your super fund has your Tax File Number to ensure your personal contributions will be accepted.

Try our contributions calculator

Want to find the most effective way to grow your super? We can help you!

Our calculator can show you the difference between salary sacrifice and personal after-tax contributions, and help you choose the best option.

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