Boost your super Show more
Boost your super
Make sure you have enough
With a couple needing $59,619 each year for a comfortable retirement, over 75%* of us are likely to outlive our super.
So it’s important not to just rely on your employer’s contributions, but to tip in extra to help ensure you have enough for retirement.
You can add to your own super with tax-effective salary sacrifice payments as well as after-tax personal contributions. The sooner you start putting money in, the longer it has to grow.
Salary sacrifice Show more
More super with less tax.
With salary sacrifice, you ask your employer to pay in extra super for you, taking the money from your pre-tax pay. This money is taxed at just 15%, so it can be a tax-effective way to save.
Personal contributions Show more
Know your limits.
You can make payments to your super from your after-tax money, called non-concessional contributions.
This can be a good way to boost your super once you’ve reached your concessional contributions cap, with up to $180,000 in contributions allowed each year. People under 65 may be able to bring forward up to three times their non-concessional contributions cap.
And, if you earn less than $50,454 (2015/2016) a personal non-concessional contribution can make you eligible for a co-contribution payment — with the government automatically paying up to $500 into your super.
|FY 2015/2016||Concessional contributions cap||Non-concessional contributions cap|
|Age under 50||$30,000||$180,000|
|Age 50 or older||$35,000|
|Tax rate if within the cap||15%||Nil|
|Tax rate if cap exceeded||Included in your income tax return and taxed at your marginal rates plus an excess concessional contributions charge. A non-refundable tax offset equal to 15% of your excess contributions is applied to recognise the tax paid by your superannuation fund.||If you elect to release all of your excess non-concessional contributions and 85% of your associated earnings amount from your superannuation fund(s), the associated earnings amount is included in your income tax return and taxed at your marginal rates. A non-refundable tax offset equal to 15% of your associated earnings is applied to recognise the tax paid by your superannuation fund.|
Get ahead with ANZ Smart Choice Super
Important Information Show more
Source: ASFA Retirement Standard, December 2016. For further information on the standards, including the definitions of modest and comfortable lifestyles, and the calculations of their respective household budgets, visit the ASFA website.
Australian Bureau of Statistics, Australian Demographic Statistics, June 2011.
Case Study: Example for illustrative purposes only and does not constitute financial or tax advice. It assumes $85,000 p.a. is the only source of income, based on 2013/14 tax rates, including Medicare levy of 1.5%. Excludes any Medicare levy surcharge and seniors and pensioners tax offsets. Please see your tax adviser on how this impacts you individual circumstances.
*Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880. Analysis current as at March 2017, and limited to the member, administration and investment management fees of 388 retail, industry, corporate and government super funds, including 102 MySuper options. ^The ANZ Smart Choice Super fee includes a 0.01% APRA levy and 0.03% Stronger Super levy charged on 09/06/16. In conducting the analysis, the ANZ Smart Choice Super - 1960’s diversified investment option has been compared against the main Balanced option of products contained within the SuperRatings database. Annual fees are calculated on a constant $50,000 super balance. Data used in the research from sources considered reliable. It is not guaranteed to be accurate or complete. For a copy of the SuperRatings research click here or call 13 12 87.
All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.
Before redirecting your super or moving your money into ANZ Smart Choice Super and Pension, you will need to consider whether there are any adverse consequences for you, including exit fees, other loss of benefits (e.g. insurance cover), increase in investment risks and where your future employer contributions will be paid.
Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice.
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ANZ Smart Choice Super and Pension is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673), a wholly owned but non-guaranteed subsidiary of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ).
This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. You should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should read the ANZ Financial Services Guide, Product Disclosure Statement, Additional Information Guide and the Electronic Access Terms and Conditions before deciding to acquire or hold ANZ Smart Choice Super and Pension.