One of the most common ways we can grow our Super fund is through Employer Contributions.
Here are some ways you can ensure that you are maximising these contributions to their greatest potential.
+ Regularly check your super contributions to ensure they are happening either monthly or quarterly depending on your pay cycle and double check that it is the correct amount of 9.5% as a minimum of your gross wages.
+ There is no age or work test applied to the 9.5% Super Guarantee Contribution.
+ Investigate ways you can salary sacrifice and take advantage of the 15% tax rate applied to salary sacrifice contributions.
+ It is important to understand that you can only claim up to $25,000 at the 15% tax rate and any amount over $25,000 will be taxed at an excess contributions rate.
+ If you have multiple superannuation funds, it is important that all your salary sacrifice contributions and insurance payments combined are no greater than $25,000 so you can take advantage of the 15% tax rate.
If you have any questions, it is best advised that you seek support from your accountant or financial planner.
To learn more about Employer Contributions and other ways you can maximise your super watch our free webinar replay here >> Maximise Your Super Webinar Replay (no sign up required)