Save Tax Today

Would you like to save tax?

Save Tax Today

Salary Sacrifice contributions
You can make before-tax (or concessional) contributions via salary sacrifice to super. Salary sacrifice reduces your taxable income, so you pay less income tax. Only 15% tax is deducted from your salary sacrifice amount compared to the rate you pay on your income, which can be up to 47% (including the Medicare Levy). You should consider your marginal income tax rate when determining whether salary sacrifice is beneficial for you. Salary sacrifice can allow you to give your super the helping hand it needs to meet your retirement goals.
Personal deductible contributions
Anyone under age 67 and those aged 67 to 74 who satisfy the work test can claim a tax deduction for contributions made from after-tax money. If claimed as a tax deduction these contributions will count towards the concessional contribution cap and be taxed at 15%.
How much can I contribute?
The Australian Government puts a limit on the amount of concessional (before-tax) money you can put into your super. You may contribute up to $27,500 for the 2022/23 financial year. This also includes your employer’s contributions. It is up to you to monitor your contributions and ensure the limit is not exceeded. Contributions above the limit will be taxed at your marginal tax rate, including the Medicare Levy and an interest charge.
Spouse contributions
You can help boost your spouse’s (or de facto partner’s) retirement savings by making a contribution to their super account. This can be a good idea if your spouse is a stay-at-home parent or has had time out of the workforce—and if they are a low-income earner, you may be eligible for a tax offset. If your partner’s total annual income of less than $37,000 you will receiver an 18% tax offset on the first $3,000 of contributions up to a maximum of $540. Spouse contributions are made up of after-tax income and will count towards your partner’s non-concessional contributions cap, which is 4110,000 for the financial year.