Grow Your Super

You’ve taken the first step by setting up your SMSF. Have you considered how you might start growing your super? A little now can make all the difference in the future.

Grow your Super

SMSFs can invest in a wide range of investments including shares, managed funds, cash deposits and property. We can also provide you with access to a Financial Planner to ensure your investments and retirement plans are moving in the right direction.  Each year, we benchmark your outcomes and help you consider how to achieve your goals.

Here are some simple ways to grow your super.

Salary Sacrificing

You can ‘sacrifice’ a portion of your before tax salary and/or bonuses. Your employer pays it into your super on your behalf. Not only does this increase your super savings but also helps you save tax personally.

Contributions from your spouse

If you are a low income earner or do not work, your working spouse can contribute to your super. This will ensure that, even when you are not working, your super is still being added to.  Additionally, your spouse may be able to claim a tax offset.

In certain circumstances, your spouse may also be able to split up to 85% of their contributions for the year to you. 

Combine your Super

If you’ve lost track of your super and have multiple super accounts, you may be paying multiple sets of fees. Consider consolidating your super into the one account to keep track of it easily. There are millions of dollars’ worth of unclaimed and lost super in Australia. If you have changed addresses, jobs or names, you could be one of the hundreds of individuals able to retrieve these lost funds.

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Limited Recourse Borrowing Arrangement (LRBA)

A limited recourse borrowing is an SMSF loan. The loaned funds can be used to purchase an asset held in a separate trust.

Any investment returns earned from the asset go to the SMSF trustee.

If the loan defaults, the lender’s rights are limited to the asset held in the separate trust. This means there is no recourse to the other assets held in the SMSF.

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Government Co-Contribution

If you have a low income you can also get help from the government.

Known as the Government Co-contribution, for each $1 you add as a personal after tax contribution, the Government will match it. The maximum co-contribution is $500.

Check if you are eligible for the Government Co-Contribution

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Low Income Super Contribution

If you earn less than $37,000, receive employer or concessional member contributions and meet the eligibility criteria, the ATO will automatically make a ‘low income super contribution’ of up to $500. You will get this payment whether or not you add extra money to your super.

Check if your are eligible for the Low Income Super Contribution

Grow your Super FAQ's

What are Superannuation Guarantee (SG) contributions?

These are mandatory superannuation contributions made by employers on behalf of their employees.

What are concessional contributions?

Concessional contributions are before-tax contributions which can be made by your employer or yourself (subject to certain conditions) and are taxed at a rate of 15%.

What are non-concessional contributions?

Non-concessional contributions are voluntary after-tax contributions which are made by you.

Up to what age can I make superannuation contributions to my SMSF?

SG contributions or contributions under an award or industrial agreement can be made to your SMSF, regardless of your age.  However, there are limits on the voluntary (concessional and non-concessional) contributions you can make to your SMSF.   you can make voluntary contributions to your SMSF up to  28 days after the end of the month in which you turn 75.  From age 65, in order to make a contribution  you are required to meet the “work test”.  The “work test” stipulates that you need to have been gainfully employed for at least 40 hours within a 30 day period, before a contribution is made.  It is important to note that under the “work test”, you must have worked the required hours within the same financial year and it must be non-voluntary work.

What is SuperStream?

SuperStream is a Government  initiative used by employers to make electronic superannuation contributions on behalf of their employees.  

Have more questions?

Send them to us