Despite frequent changes to its governing rules, superanhttps://www.canva.com/photos/MADE9h69SUc/nuation remains, for most people, a tax-effective environment. Super is a long-term investment which utilises time in the market and compound interest to build wealth, which will fund your retirement.
Note: Limits apply to the amounts you can contribute.
Making additional contributions is a great way to boost your retirement savings and can help reduce your overall tax for the financial year.
You can calculate your projected superannuation at retirement age with the Money Smart calculator and the effect regular contributions will have on your overall super balance at retirement age.
https://moneysmart.gov.au/how-super-works/superannuation-calculator
The rules around superannuation are consistently being refined and altered.
Refer to the ATO’s website for guidelines on whether you are eligible to make contributions into your superannuation fund.
https://www.ato.gov.au/Individuals/Super/
A successful super contribution strategy can mean the difference between looking forward to retirement and dreading it. Super is a complex area and further rules apply in some situations. Getting things wrong can be costly so talk to your qualified financial planner and get the right advice on the best ways to boost your super.
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.