The below strategies will help you get the most out of your super.
Co-Contribution;
The Australian Government will match personal contributions up to $1,000 depending on your income. You can do this through your employer, by sending a cheque/money order to your super fund or through your financial advisor.
| Your income | Personal contribution $ | Government co- contribution to your super account |
| $31,920 or< | $1,000 | $1,000 |
| $40,000 | $1,000 | $730 |
| $50,000 | $1,000 | $398 |
| $57445 | $1,000 | $150 |
NB. Individuals with income greater than $57445 should consider salary sacrifice to super rather than a personal contribution as the co-contribution benefit is less than the tax savings via salary sacrifice.
Salary Sacrifice;
BK to explain briefly. Maybe advise talk to accountant re: benefits?
| Your income | Deductable contribution | Tax savings in wages | Tax payable in super | Overall gain |
| $57500 > | $1,000 | $300 | $150 | $150 |
| $81,000> | $1,000 | $380 | $150 | $180 |
| $181,000> | $1,000 | $450 | $150 | $300 |
Insurance inside super;
BK to explain briefly. Perhaps mention that many people already have this through their super & should contact their financial advisor to review it?
| Insurance Type | Amount e.g. | Premium Example only | Tax savings | Net cost |
| Personal names- death and tpd | $400,000 death$400,000 TPD | $1000 pa | nil | $1000 |
| Inside super-death and tpd | $400,000 death$400,000 TPD | $1000 pa | $150* | $850 |
*Based on income between $35,000 and $80,000 per year. If income is over $80,000 the savings is greater.
