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Grow your super
Smart strategies to maximise your super balance, and make the most of your financial future
Get your super together
When you have super in an account that you're not adding to, it can be eroded by fees. You may also have lost track of your super when moving house, changing jobs, or if you changed your name. If you have any lost super we can help you find it.
There are several ways to get your super together:
- Through MyLife Online
- Download the Consolidate your super form and mail it to us
- Call us on 1300 695 433
Everyone's situation is different and you should check if there are any insurance implications and exit fees from other funds before you transfer your super. We can help you with this so please give us a call.
Add to your super
There are two kinds of contributions to your super: concessional (before tax) and non-concessional (after tax).
Concessional contributions
Your employer makes regular concessional super contributions into your MyLife MySuper account, currently 9.5% of your salary. You can also make contributions called salary sacrifice, from your income, before tax. Your contribution is taxed at a lower rate (up to 15%) which can be a tax effective option, based on your income.
Small amounts now can make a big difference to your super balance in retirement, and you can claim personal contributions as a tax deduction. The annual cap for concessional contributions is $25,000 p.a. (2017/18 financial year). Ask your employer about starting a salary sacrifice arrangement.
Non-concessional contributions
You can also make regular or one off contributions of your own, from your after tax income. These contributions are not taxed in your super, as tax has already been paid.
You can easily BPAY to your super account using your personal BPAY number. Simply log in to the member secure site MyLIfe Online and click on the Contribution tab, or call us and we can help you. You can also set up an ongoing direct debit with us or ask your employer about starting a direct debit arrangement. Before you make any extra contributions, please consider your current financial commitments.
From 1 July 2017, the non-concessional contributions cap is reduced to $100,000 for members 65 or over but under 75. Members under 65 years of age will have the option of contributing up to $300,000 over a three year period for members depending on their total superannuation balance.
Other ways to contribute
There are other ways of building your super wealth and every little bit helps towards planning the future lifestyle you want.
Government co-contributions
Government co-contributions help eligible members boost their retirement savings. The amount of government co-contribution you may receive depends on your income and how much you contribute. If you make personal (after-tax) contributions to your super, the government can make a contribution (called a co-contribution) up to a maximum amount of $500.
More on government co-contributionsSpouse contributions
If your partner is earning a low income or taking time off work to care for family, there are ways you can help your partner’s super balance continue to grow by:
- making a Spouse Contribution to their super account
- arranging for Contribution Splitting (also known as Super Splitting)
We're here to help
We can help guide you if you have any questions about growing your super balance.