One of the easiest ways to boost your super is to set up ongoing contributions from your pre-tax pay. It's called salary sacrifice and it generally lets you pay less tax and boost your super directly from your pay. It's easy to set up and by contributing a little each pay period, you'll hardly notice a difference.
It's easy to get started
How to contribute depends on where you work.
- Telstra employees: nominate an amount to contribute through People Express
- Non-Telstra employees: contact your payroll team and let them know you’d like to start making contributions from your pre-tax salary.
There are limits on how much you can contribute into your super from your pre-tax pay.
Small sacrifices can make a big difference
By making pre-tax contributions into your super account you could save on tax. Contributions to super are generally taxed at 15% which can be lower than your marginal tax rate. The more you boost your super the more likely you will maintain your lifestyle after you finish work.
Adding a little extra to your super now can could really make a difference to your lifestyle in retirement. So the sooner you start the harder your super savings will work for you in the future.Remember that any salary sacrifice contributions you make are counted towards the pre and post -tax contributions cap and included when calculating your your total income for super co-contribution purposes and other government benefits.
Need help boosting your super?
At TelstraSuper we’re here to help you build a secure financial future. TelstraSuper Financial Planning has a team of phone based Advisers who can provide you with simple advice to help you get your super on track. If you’d like to discuss growing your super or if you have any other financial advice queries contact us on 1300 033 166 or fill in our online contact form. There's no additional cost for our phone based advice as this is included in your TelstraSuper membership.Request a call