Some Australian workers could be in for a $500 super boost at the end of this financial year.
Low and middle income Australian workers’ voluntary contributions to their super fund will be matched by the government up to $500 through the super co-contribution scheme.
UniSuper advice technical and strategy lead Brooke Logan says there are a few things Australians can do to maximise their super balance without breaking the bank.
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“Not everyone is aware of these little tweaks you can make to your financial plan which will ultimately benefit you and your family in retirement,” Brooke said.
Casual, part-time and other low income-earners should consider making an after-tax contribution of up to $1000 to their super fund to qualify for a government co-contribution, Brooke added.
Others who could receive a boost are those saving for their first home who make voluntary contributions to their super for a potential $50,000 tax break.
“The First Home Super Saver Scheme allows you to release up to $15,000 of voluntary contributions from any one year, up to a total of $50,000 contributions to help with the purchase of your new home,” Brooke said.
Meanwhile, people whose spouse earns less than $40,000 a year are urged to consider making an after-tax contribution of up to $3,000 to their super fund.
Brooke added Australians should also consider personal deductible contributions.
“You may be able to claim a tax deduction for personal super contributions made to your fund sourced from after-tax income,” she said.
People with less than $500,000 in their super may be able to make additional super contributions using any unused concessional cap from the previous five years.
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