Tax time tips to help boost your super
ESSSuper - 11 Jun 2024
With the new financial year approaching, now could be a great time to help set yourself up for retirement.
For super contributions to be attributed to the 2023-24 financial year, they must be made by 5 pm on 14 June 2024. Here are just some ways you could boost your super before then.
This information is general in nature and does not consider your personal circumstances. Before making any decisions, consider seeking further advice.
Tips for the 2023-24 financial year
Your super contributions could be tax deductible
If you make an after-tax super contribution, you could claim a tax deduction for the amount you contribute. Plus, these contributions are subject to 15% tax, which could be less than your marginal tax rate.
To claim a tax deduction for personal contributions, you'll need to lodge a 'notice of intent' – you can do this through Members Online. This must be confirmed before lodging your income tax return, withdrawing any funds from your super, or commencing an income stream.
Learn more about tax and super
Check if you're eligible for government co-contributions
Government co-contributions are extra payments into your super you could receive when making a personal (after-tax) contribution. In the 2023-24 financial year, you could be eligible if you:
- earn below $58,445 per year, and
- make an after-tax super contribution of $1,000 (which you don't claim as a tax deduction).
Learn more about government co-contributions
Boost your spouse's super and you could be rewarded
If your spouse isn't working, or is earning a low income (less than $40,000), you may be able to claim a tax offset of up to $540 if you make after-tax contributions to their super.
Visit the Australian Taxation Office (ATO) website to find out if you might be eligible for this tax offset.
You could also boost your spouse's super through contribution splitting, which lets you split up to 85% of the before-tax contributions you made this year with your partner.
Learn more about spouse contributions
Things to consider
See your MyGov account to check details related to your super, including your total super balance, transfer balance cap, and any bring forward periods activated.
Plan ahead for the next financial year
With a new financial year starting, it's also a great time to check whether your super is set up to meet your needs.
Check your contribution arrangements
When was the last time you reviewed how much you're putting towards your retirement?
If you have a defined benefit, you can update your contribution rate once every 12 months. Because of how defined benefits are calculated, your contribution rate could make a significant difference to your retirement.
Learn more about contribution rates
If you have an Accumulation Plan, consider whether arrangements like salary sacrificing could help you meet your retirement goals.
Learn more about salary sacrificing
Review your investments
For all ESSSuper accounts except defined benefits, you'll need to choose how you'll invest your super. Your investment approach can affect your super balance in meaningful ways, so it's worth checking your choice matches your risk appetite, investment time horizon, and objectives.
Learn more about our investment options
Check who'll receive your super
Your beneficiaries are the people who will receive your super after you pass. As life changes, you might want to nominate different people to be your beneficiaries.
Even if your circumstances haven't changed, it's still worth checking in on this – especially if you've previously made a binding beneficiary nomination, as these expire after three years and need to be kept up to date.
Find out more about beneficiaries
Ready to act?
If you're ready to make a difference to your retirement, log into Members Online or contact us now.
If you're looking for more information or support, our advisors know your super account inside and out.
To book an appointment, or if you're after any other support, contact us.