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Your super could grow to be your biggest asset when you retire and there are a number of smart strategies that you can use to make the most of super:
- Tax-deductible contribution to super - reduces personal income tax and increases your superannuation savings.
- Personal after-tax contribution to super - increases superannuation savings, no contributions tax is payable and earnings on investment is taxed at a maximum of 15%.
- Spouse contributions - a tax rebate of 18% is available on after-tax contributions made up to $3000 (dependent on spouse's age and income)
- Government co-contributions - a personal after-tax contribution up to $1000, may entitle you to a co-contribution of up to $1500 into your super (subject to income and employment criteria).
- Spouse super splitting - tax-deductible contributions to your super can be split to your spouse's super which may provide earlier access or a more favourable tax treatment.
- Binding death benefit nomination - provides certainty over who will receive your superannuation and may improve the tax treatment of the death benefit payment (subject to certain conditions).
With unequivocal support from both sides of politics, superannuation has become the number one retirement savings vehicle for Australians. We work with you to ensure that you make the most of the opportunities to maximise your super to provide you with a comfortable lifestyle in retirement.
Super FactsIn the 2007/08 financial year, the Superannuation guarantee contribution rate is 9%
The preservation age for superannuation depends on a member's date of birth:
| Date of birth |
Preservation age |
| Before 1/7/1960 | 55 |
| 1/7/60 - 30/6/61 | 56 |
| 1/7/61 - 30/6/62 | 57 |
| 1/7/62 - 30/6/63 | 58 |
| 1/7/63 - 30/6/64 | 59 |
| On or after 1 July 1964 | 60 |
In 2007, total superannuation wealth passed the $1.0 trillion mark. Research company DEXX&R predicts this will grow to around $2.5 trillion by 2015.
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