We all live longer these days and the default super our employers are paying won’t be enough to meet our needs in retirement. That’s why it is always a good idea to put a little extra into your super funds.

 

Main benefits of growing your super as much as possible are:

  • Cost of living is increasing
  • We are living longer and the age pension is not enough for retirement life
  • Tax concession on the personal contributions
  • You may be eligible for government co-contribution of up to $500 a year

Use our Superannuation Calculator to find out how much difference you can make to your retirement, by putting a little money every month.

Who Can Make Contributions?

There are certain rules for making contributions, basically it depends on your age as summarised in below table:

 

Age of member in years

Mandated Employer
Contributions1

Voluntary Employer Contributions

Member Contributions

Eligible Spouse Contributions

Less than 65

Yes

Yes

Yes

Yes

65 - 69

Yes

Yes, conditional2

Yes, conditional2

Yes, conditional2

70 - 74

Yes

 

Yes, conditional3

Yes, conditional3

No

75 or older

Yes

No

No

No

       

 

 1 Mandated employer contributions are contributions made by an employer for the benefit of the fund member that are:

i. 
contributions to reduce the employer’s potential liability to the superannuation guarantee charge.
ii. 
superannuation guarantee shortfall components – that is, superannuation guarantee charge payments sent to a fund from the Tax Office after the Tax Office has obtained payment of the charge from the employer.
iii. 
contributions made in order to satisfy an obligation under an industrial award or agreement.

 2 You must have been gainfully employed on at least a part-time basis.

 3 You must  have been gainfully employed on at least a part-time basis. The contributions must be received on or before the day that is 28 days after the month that you turns 75.

 

Ways to Boost Your Super

1. Salary Sacrifice before-tax money into Super

Speak to your employer about making salary sacrifice into your super.  You will only pay 15% tax, generally this is lower than tax paid on your take-home pay (average between 34% to 46.5%).

 

Because salary sacrifice is classified as concessional contribution, $25,000 annual limit applies.

 

 

2.  Make after-tax contributions and take advantage of government co-contribution

 

You can also make a contribution from your savings (after-tax money), depends on your income, you could receive the bonus government co-contribution up to $500 a year (providing your income is less than $51,813 p.a.). Go to Super co-contribution section on ATO website for more information.

 

You can either send us a cheque payable to "LESF Super" with your member number in a letter, or contact us for the direct credit option.

 

3. Enjoy extra tax offset by making a spouse contributions

 

A tax offset of up to $540 may be available, if you make a after-tax contribution on behalf of your spouse. The tax offset phrases out where your spouse’s assessable income exceeds $40,000. Go to Spouse Super contribution tax offset section on ATO website for more information.

 

You can either send us a cheque payable to LESF Super with your spouse’s member number in a letter, or contact us for the direct credit option.

 

4. Save money on fees by consolidating all your super into LESF Super

 

If you have changed jobs in the past, the chance is you will have multiple super accounts. Combining them into LESF Super means, not only you save on multiple sets of admin fees, you will also have less paperwork to do, to help you to top of your retirement planning.

 

Simply complete the Roll-In form and we will look after the rest.

 

Or, if you are confused where your super are all are, we can help you find your super and consolidate them into your existing LESF Super account.