Think it’s hard to grow your super? It isn’t.
Putting extra money into your superannuation is a great investment in your future.
If you want to live comfortably when you retire, adding to your employer's super contributions can help. And you don’t have to contribute large amounts of money to make a difference. Small regular amounts can add up to thousands of extra dollars over time. And the earlier you start, the better, thanks to the growth provided by long-term investment returns.
There are lots of ways you can add to your super
You can add to your super via pre-tax salary sacrifice contributions, after tax personal contributions, spouse contributions as well as contribution splitting.
In this blog post we’ll explain what an after-tax contribution is and how you can make them.
An after-tax contribution is a payment made into your super account using after-tax dollars. This can come from your take home pay or personal savings. You can choose to make regular contributions or one-off payments, whatever suits you best via payroll deduction, BPAY or cheque, for example.
If you’d like to make regular payments, an easy way to do this is via payroll deduction. This is where your employer takes a specified amount of money out of your pay each pay cycle and pays it into your super fund along with their employer contribution. You’ll need to ask your employer if they can do this. If they can, remember to specify that they are “after-tax contributions” so they don’t accidentally make pre-tax salary sacrifice deductions instead. (More about these in our next blog post). Check with your super fund to see what paperwork you need to fill in. Child Care Super members can complete a payroll deduction form, available here and hand it to their employer.
If your employer isn’t able to set-up payroll deduction, you can still make regular or one-off payments via cheque or BPAY.
Child Care Super members should use Biller Code 40865 and the BPAY Reference Number on their latest statement (or on Member Online).
Can’t afford add to your super right now?
If money is a little tight right now and you don’t have a lot left over at the end of the week, SUPERSUPER might be the answer you’ve been looking for! It’s is a shop and save super rewards program which offers cash rewards from hundreds of retailers which are then automatically added to your super account. The program is exclusive to Child Care Super, so you need to be a member to use it.
If you are interested, you can find out more information about Child Care Super and SUPERSUPER at childcaresuper.com.au.
For more information on after-tax contributions – including the limits (called contribution caps) on the amount that can be put into super each year – visit https://www.ato.gov.au/Individuals/Super/Growing-your-super/Adding-to-your-super/Personal-super-contributions/ .
Guild Trustee Services Pty Ltd. ABN 84 068 826 728. AFSL 233815. RSE License Number L0000611. Trustee for the Guild Retirement Fund ABN 22 599 554 834 (which includes Child Care Super and GuildSuper). Before acting on any information, you should consider whether Child Care Super is right for you by reading the Product Disclosure Statement at childcaresuper.com.au.
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Get free money from the Government If you earn less than $53,564 p.a. (2019/20 financial year) and make an after-tax contribution to your super account, you could receive ‘free money’ from the Government in the form of a co-contribution of up to $500 per year. The size of the payment reduces as your total income increases. For more information about who is eligible and how to claim it, go to https://childcaresuper.com.au/boost/free-money. |