Boosting Super: Salary Sacrificing and Co-contributions | Ask the experts

What is salary sacrificing? How can I boost my retirement savings? What's the best way to contribute to my super? Can l still catch up if I've accessed my super early?

Whether you've had to access your super early because of financial impacts of the coronavirus or your balance has taken a hit due to volatility in the share market, there are ways to get your super back on track when the time is right.

It is important to remember that super is a long-term game. Making small changes today can make all the difference to how well you live in your retirement. In this video, our money expert Effie Zahos will explain some of the ways you can boost your superannuation balance, including making pre-tax super contributions through 'salary sacrificing’ and understanding the available government super contributions.

Helpful Links from this video:
⭐ Our super comparison tool https://bit.ly/2DfhoOL
⭐ Super co-contribution calculator https://bit.ly/3kX6Tkf
⭐ Salary Sacrificing: What is it and how does it work? https://bit.ly/2DiU82l
⭐ How to make voluntary superannuation contributions https://bit.ly/3gbb49m
⭐ How do I access low-income super contributions https://bit.ly/39GuZdY

Do you have a question for our experts?
📬 Email asktheexperts@canstar.com.au

00:00 Quickly find the answers
➡️ What is salary sacrificing 0:12
➡️ How much extra can I contribute to my superannuation 0:53
➡️ What is low-income super tax offset (LISTO) 1:11
➡️ What is the government matching or super co-contribution? 1:32

Sources:
📎 ATO resources on Salary Sacrificing Super: https://www.ato.gov.au/Individuals/Super/Growing-your-super/Adding-to-your-super/Salary-sacrificing-super/
📎 ATO resources on government super contributions: https://www.ato.gov.au/individuals/super/growing-your-super/adding-to-your-super/government-super-contributions/

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Important information:
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product.

The information here is general and does not take into account market volatility. Please note that all information about performance returns is historical. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall as well as rise.

Canstar is not authorised or registered to provide tax advice. Canstar does not provide legal or accounting advice. This article has been prepared for information purposes only and is not intended to provide and should not be relied upon for tax, legal or accounting advice. We recommend you seek advice from a qualified and registered (where applicable) professional adviser before making any financial or purchase decision.

See Canstar’s FSCG: https://www.canstar.com.au/canstar-fscg/

Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.

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