Many Aussies are concerned they won't have enough in their super to live the life they desire when they retire.* But after working for many years, you deserve to treat yourself. A good way to secure your financial future is to boost your super balance whilst you’re still working. Here are five simple tips that could help:
2. Make a once off contribution
If you’ve sold an asset such as a house or shares and have to pay capital gains tax, you could put some or all of that money into super. You may then be able to claim some or all of this as a tax deduction, minimising the capital gains tax that’s owing.
4. Downsizer contributions
People aged 65 and over who may want to downsize can make a voluntary contribution to their super of up to $300,000 using the proceeds from the sale of their home if it’s their main residence. If you’re a couple you can both take advantage of this option, contributing $600,000 per couple.
5. Contribute to your spouse’s super
Most people think about putting money into their own account. However, contributing to your spouse’s account can help them boost their super and may also save you on tax. This is particularly useful for spouses who earn less, work reduced hours or who are taking time out of the workforce.
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