New year, new you: two actions to take
January 31, 2023
Here’s two actions to take with your super this year that could really pay off.
Most people tend to leave things to the last minute with their super and potentially miss out on the full range of benefits. So, why not pay a little attention to your super this year?
Action 1: login and check your super
A great starting point is logging into your SuperOnline account. You can check your account balance, see how your super is invested and update your personal details. Connect with your super and set yourself up for financial success.
Action 2: consider making small, regular contributions to your super
It may be a good idea to consider how you could add extra to your super. It’s usually much easier to add small, regular amounts to your super throughout the year rather than a lump sum at the end.
There are two simple ways to regularly contribute:
Salary sacrifice
One of the easiest ways to make regular contributions into your super is to set up a salary sacrifice agreement with your employer. By making before-tax (concessional) contributions into your super account, you could save on tax and boost your super balance, because these contributions are generally taxed lower than your marginal (usual) tax rate*.
Take advantage of the government co-contribution
If you earn $42,016 or less in the 2022/23 financial year and you’re eligible, you could receive a top up of $500 added to your account by the government when you lodge your tax return by making a post-tax (non-concessional) contribution. The co-contribution works on a sliding scale, phasing out at an income of $57,016. You can even set up ongoing BPay contributions; you can find your personal post-tax contribution BPay number online.
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Need help?
If you want more tips, call us on 1300 033 166 or fill out our online form. You can receive simple advice about your super account over the phone at no additional cost as part of your membership.
*If your combined income and concessional contributions are more than $250,000 in 2021/22, you may have to pay extra tax https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Division-293-tax---information-for-individuals/
Any general advice in this article has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice on this website, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement which is available on the Website or by calling 1300 033 166 between 8.30 am and 5.30 pm (AEST) Monday to Friday. You may wish to consult an Adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.