There are several ways you can grow your super to make a positive difference to your lifestyle in retirement.
If you are, or have been employed, you should make the most of employer’s contributions by:
- checking your employer’s super guarantee contributions are paid into your fund.
- letting ATO know if you have unpaid super from your employer.
- keeping track of your super and search for any lost or missing super.
To actively grow your super, take steps to investigate:
- a salary sacrifice arrangement with your employer.
- making your own personal contributions.
- checking if you’re eligible for government contributions.
- transferring money from foreign super accounts.
Your spouse may also be able to make a contribution to your super.
Limits or caps apply on the amounts that can be contributed to your super each financial year. If you go over these caps, you may have to pay extra tax.
When all feels overcomplicated, you can always hire a specialist. Our team of financial advisers and accountants will be happy to sort everything out for you. Contact us today.
Information source www.ato.gov.au
