Even small regular contributions will make a big difference to the amount of your super savings at retirement. All of your contributions which are paid from after-tax income go straight into your account and are invested – there are no fees or taxes payable on your deposit.
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Salary sacrificing means that you are reducing your pre-tax salary to pay that amount as extra super contributions. There are many benefits in making extra contributions from pre-tax income. While increasing your super savings, you are also reducing the amount of your taxable income.
If you have other super savings, it makes sense to combine them into one account. It will make your super much simpler and it will save you time and money. You may otherwise be paying more fees than you need to.If you consolidate now, you can set yourself up for your working life and concentrate on adding to your super when ever you can.Read more
If you make personal super contributions (refer to Step 1) and you earn less than $60,342 (indexed each year) you could be eligible to receive up to $1,500 from the Government, which is paid to your Prime Super account.
There are obvious benefits in contributing to your spouse's super, even if their income is low or they are not working. Remember, even small amounts make a difference over time.
Take advantage of the new transition to retirement strategies. You can work full time or part-time, but use an income stream from your super to provide some of your income. You can then salary sacrifice more of your pay into super, which reduces your tax and increases your super savings.
The Australian Tax Office keeps a register of people who have been reported by their super funds as being lost. This register is called the Lost Members Register (LMR).
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The advice contained on the Prime Super website does not take into account your particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a financial product, you should assess whether the advice is appropriate to your objectives, needs or financial situation. You may wish to make this assessment yourself or seek the help of an adviser. Prime Super takes no responsibility for you acting on the information provided. Any decision that you make is at your own risk. Before acquiring a financial product you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
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