4 ways to boost your super this tax time

There’s still time to boost your super balance before June 30. (Source: Getty)

The end of the financial year is fast approaching, so it’s time to act now if you want to give your superannuation a last-minute boost.

UniSuper advice technical and strategy lead Brooke Logan said there were a few little-known things Aussies could do to maximise their super without breaking the bank.

“Not everyone is aware of these little tweaks you can make to your financial plan, which will ultimately benefit you and your family in retirement,” Logan said.

• Also read: Slash your tax bill with this super move

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• Also read: 4 tips to maximise your tax return before June 30

Here are her four tips.

1. Super co-contribution

Aussies on low and middle incomes can get a super boost of up to $500 from the government.

Under the government’s super co-contribution scheme, Aussies who make voluntary after-tax contributions to their super fund will have this matched by the government by 50 per cent.

For the current financial year, Aussies earning $57,016 or less are eligible for the scheme. But you’ll need to earn less than $42,016 and make a contribution of $1,000 to be eligible to claim the maximum $500.

2. First Home Super Saver Scheme

If you’re saving for your first home, you could consider making voluntary contributions to your super for a potential $50,000 tax break.

“The First Home Super Saver Scheme allows you to release up to $15,000 of voluntary contributions from any one year, up to a total of $50,000 contributions to help with the purchase of your new home,” Logan said.

3. Spouse contribution

If your spouse earns less than $40,000 a year, you can make a spousal contribution to their super account and claim a tax offset.

If your spouse earns less than $37,000 a year, you can claim the maximum tax offset of $540 when you contribute $3,000 to their super.

4. Personal contribution

Lastly, you may be able to claim a tax deduction for personal super contributions to your fund made from your after-tax income. For example, from your bank account directly to your super fund.

“If you have less than $500,000 in super, you may be able to make additional super contributions using any unused concessional cap from the previous five years,” Logan said.

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