There could be more to contributing to your super before 30 June than growing your long-term retirement savings. You could be eligible for an extra boost from the government, or even tax savings.
Many of us don’t look forward to the end of financial year because it means collecting paperwork to file a tax return. But at LGS, we look forward to it, because it’s the time of year that many of our members choose to kick in a little extra into their super, which will help grow their retirement savings over time. And many are eligible for a helping hand, whether through co-contributions or tax savings.
Read on to find out how to boost your super savings before 30 June.
The Federal Government’s super co-contribution could be a great way for you to grow your super before 30 June. Depending on how much you earn, the government could chip in $0.50 for every $1.00 you personally contribute to your super, up to the value of $500.
For more information, or to find out if you’re eligible to receive the co-contribution, check out our government co-contributions calculator page.
For lower income earners, a spouse contribution could be an effective way to boost one partner’s retirement savings, while their spouse can receive a tax offset. It could be a win-win for both partners.
If you make a personal contribution from your take-home pay, you can use this as a tax deduction for your 2019/20 tax return.
However, keep in mind there are limits to how much you can contribute to your super each financial year, so check out how much you’ve already contributed before you top up your super. To contribute, log into Member Online for your unique BPAY details.
Note that all contributions need to be received by LGS by 30 June 2020. BPAY payments may take a few days for the funds to clear, and all cheques must be received by close of business on Monday, 29 June.
For members with account-based or transition to retirement pension accounts, the Government has temporarily reduced the minimum drawdown amount by 50% for the 2020 and 2021 financial years.