I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Making Contributions to Super

While it can frequently feel as if you do not have enough extra cash to put into your superannuation account, spending even a tiny amount into the super now could make a huge difference to your superannuation.

To increase your super, make concessional contributions, like salary sacrifice, or non-concessional contributions. Moreover, you could top up the super by means of government co-contributions or through your spouse’s contributions.

Concessional (before-tax) contributions

Concessional contributions (including salary sacrifice and compulsory SG or Super Guarantee contributions) are frequently referred to as “before-tax contributions” while non-concessional contributions are occasionally referred to as “after-tax contributions.” They’re both taxed in a different way.

Salary sacrifice for your super

You can speak to your boss about sacrificing some of your pay to make additional super contributions instead of bringing it home. This can have advantages in tax since standard 15% tax on the super contributions could be not more than what that cash would’ve been taxed if the salary was in a take-home pay.

A “contributions cap” is the highest amount of super contribution every financial year. If you pay beyond the cap, you could settle additional tax. The cap amount as well as the additional tax you have to pay rely on whether contributions are non-concessional (after-tax) or concessional (before-tax).

How much money will I get from the government?

How much cash you get as a co-contribution by the government depends on the amount of cash you pay to your super as well as the amount you earn. The calculation of the co-contribution depends on the budget year that you contributed in your personal super. The co-contribution fee is at least $20.

To find out the amount you could get, make use of the super co-contribution calculator of ATO.

What do I have to do?

You do not have to request the super co-contribution. If you are qualified and your superannuation fund has your TFN (tax file number), the government will automatically settle it to the super fund account. For more information about super contributions, visit our site at www.australiansuperfinder.com.au

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