Top up before EOFY

Salary Sacrifice is when you ask your employer to put part of your before-tax salary into your super account. The amount is extra to the super your employer already pays you and it’s worth considering if you earn over $45,000. It’s like swapping part of your pay check for other perks, including more money in your super over the long-run and less tax now.

Benefits of Salary Sacrifice:

1. Extra contributions will grow over time with compounding interest (investment returns earned on your investment returns).

2. Pay less tax on the money you contribute. Any contributions are taxed at 15%, which may be lower than your tax rate.

3. Adding some of your before tax-pay to your super will reduce your taxable income, which may reduce the tax you pay on your wage at the end of the financial year.

How to Salary Sacrifice:

All you need to do is complete our Salary Sacrifice form and give it to your employer.

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Voluntary Contributions are amounts you put into your super from your bank account. No contribution tax is charged, so any extra money you put in will go straight to your super balance.

Benefits of Voluntary Contributions:
1. Extra contributions will grow over time with compounding interest (investment returns earned on your investment returns).
2. Choose whether to make a once-off or regular ongoing contribution via BPAY, Direct Debit or Cheque.
3. Claim a tax deduction on your after-tax contributions.

How to make a Voluntary Contribution:

1. Log in to your online account and head to the ‘personal details’ page
2. Get your personal BPAY biller code and reference number
3. Make a payment by phone or online via your own bank, credit union or building society.

Alternatively, you can pay by Direct Debit or Cheque by filling out the relevant form and sending it to Media Super.

If you contribute to your spouse's super account, you may be eligible for a tax offset of up to $540 per financial year. The contribution must be processed as a spouse contribution to qualify.

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If you earn less than $58,445 per year, you may be eligible to receive a Government co-contribution of up to $500. Any amounts claimed as a tax deduction would not be eligible for co-contribution.

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A downsizer contribution is available to anyone aged 55 or over and it allows you to contribute up to $300,000 as an individual or $600,000 as a couple from the sale of your home.

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