How to create wealth for your family
November 19, 2019
Give your family a huge wealth boost by investing in their super.
Did you know you can make contributions in to a family member’s super account? Whether your kids or grand kids are just starting out in the workforce or already have a well-established super balance, you can help boost their wealth even more by making contributions on their behalf.
Starting extra contributions early can create a big boost in wealth. Every dollar adds up, and with the power of compounding interest, plus the added bonus of super being a locked investment until retirement, contributions can dramatically increase over the course of their working life.
Grow their super and get a super bonus from the government
If your family member earns less than $56,112 p.a. they could be eligible for a government co-contribution. If you make a post-tax contribution on their behalf of up to $1,000 they could benefit from a super boost of up to $500 from the government. Your family members do need to be employed to receive a co-contribution.
How to contribute into a family member's super
Firstly, did you know if they aren’t already a member, they can join TelstraSuper and enjoy the benefits of being with a profit to member’s super fund? If you have a friend of family memberwho would benefit from joining our award winning super fund, you can send refer them to the fund. Simply fill in our online form and we'll send them an invitation to join TelstraSuper
Alternatively, they can give us a call us on 1300 033 166 and we’ll help them with the paperwork.
Once they're a member you just need their member number and you can generate a BPay number to make a post-tax contributions into their account. This contribution will count towards their post-tax contribution limit (which is currently $100,000 per year). Note if you are contributing for a spouse or partner there is a spouse BPay number you need to use. Find out more about spouse contributions.
Need help?
If you’d like some help making a contribution into a family member's super give us a call on 1300 033 166 or send us a message online and we’ll get back to you.
* An eligible family member must be aged 15 years or over and presently related to a current or deceased TelstraSuper.