The Many Ways To Top Up Your Super Balance

Updated March 19th 2020

Planning for your retirement can be assisted by making additional superannuation contributions during your younger years.

There are a number of ways to help boost your superannuation balance and take advantage of many years compounding income from investments.

  • SALARY SACRIFICE SUPER – This is when you forgo part of your salary or wages in return for your employer making additional pre-tax super contributions.
  • PAYMENT OF SUPER FROM FOREIGN SUPER FUNDS – some overseas superannuation funds are able to transfer the balance into an Australian super fund.
  • GOVERNMENT SUPER CONTRIBUTIONS – If you are a low or middle income earner and make a personal (after tax) super contribution, the government will also make a contribution into your fund of up to $500. Additionally, if you are a low income earner, your super fund will receive a low income super tax offset which is 15% of the before tax contributions made into the fund up to a maximum of $500.
  • PERSONAL SUPER CONTRIBUTIONS – An individual can make additional super contributions personally over and above any employer paid amounts.
    A tax deduction may be claimed for these contributions provided certain conditions are met.
  • DOWNSIZING CONTRIBUTIONS INTO SUPER – If you are over 65 years old and met the eligibility requirements, you may be able to make a ‘downsizer’ contribution into your superannuation fund of up to $300,000 from the proceeds of selling your home.

Prior to making any additional superannuation contributions please consider the concessional contributions cap of $25,000 for the year ending 30 June 2020.