Superannuation is one of the largest assets an individual an individual will have in their life time. Maintaining a large Super balance will ensure a comfortable retirement in the future.

Super can be seen as complex due to Governmental changes through policies and Super fees which can eat at your Super balance.

Super is the best method of accumulating wealth, because of the many tax benefits it can offer.

Effective strategies to add more into your Super

• Add any unexpected money you receive into your Superannuation (as long as it is financially safe to do so).
  Extra cash may be in the form of an inheritance, downsizing your home, or surplus cash flow.
  
• Ask your employer to contribute some of your pre-tax salary to your Super each pay period.
  
• Salary sacrificing your Super contributions (Concessional Contributions), to lower income tax payable for individuals.
  
• Contribute $1000 to your Super from your after-tax income, and the government will contribute $500 to your Super.
  
• If you have a spouse who earns less than $37,000, and you contribute $3000 into their Super, you could receive a $540 tax offset.
  

Disclaimer: The information contained in this communication is general in nature and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for your personal circumstances prior to making any investment decision.

Sources:
– https://www.mlc.com.au/personal/blog/2019/08/five_ways_to_spruce