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5 top tips to boost your super

Education HUB article

8 minute read

5 top tips to boost your super


Here are 5 top tips to help you maximize the opportunities to boost your super savings.

1. Save on tax by contributing extra to your super

You may be able to reduce your tax obligations by contributing extra to your super through personal before-tax contributions such as salary sacrifice, and any personal after-tax contributions you make and can claim a tax deduction for.

Salary sacrifice contributions and any personal deductible contributions are included in the concessional (before-tax) contributions cap of $27,500 p.a.

  • Salary sacrifice

    Salary sacrifice contributions are made through your employer from your pre-tax income, reducing the amount of taxable income you are assessed on. You can request that your employer make extra concessional contributions on your behalf and potentially reduce your taxable income while growing your retirement savings at the same time.
  • Personal deductible contributions

    A personal contribution is a contribution to your super made from your personal after-tax income. Rather than reducing your taxable income pre-tax, you can report it on your tax return and claim a tax deduction at the end of the financial year. Your super fund must receive and process your personal contribution in advance of 30 June in order for it to be eligible for a tax deduction. You will also need to notify your super fund of your intention to claim a deduction for your personal super contributions using this ATO form and receive an acknowledgement from your fund, before you complete your tax return.
  • Carry-forward concessional contributions

    You can make concessional contributions up to an annual cap, which for the 2022-23 financial year is $27,500. If you have not maximized your general concessional contribution caps in previous years, you may be able to carry forward those caps in order to contribute above the annual cap without paying any additional tax.

2. Make the most of your extra cash with an after-tax contribution

If you’re sitting on cash you’d like to contribute to your super but you’ve already reached your concessional contribution cap, you can make a non-concessional contribution up to an annual cap of $110,000. These contributions will not reduce your taxable income for the year but may be an effective way to grow your wealth where you can benefit from the low tax rate of 15%, up to the cap amount, that’s paid on the investment earnings.

3. Claim a government co-contribution

Low income earners may be able to benefit from a government co-contribution of up to $500.

If you’re eligible and earning less than $57,016 a year and you make an after-tax, voluntary contribution to your super, you could be eligible to receive a boost from the Government under its co-contribution scheme.

4. Take advantage of spousal contribution opportunities

If you or your spouse is a low-income earner, the higher income earner may be eligible for a tax offset of up to $540. The offset is available to a higher income earning spouse making a contribution to a lower income earning spouse’s superannuation. If one of you earns $37,000 or less, the higher income earning spouse can claim a full offset with a minimum contribution of $3000, or a partial offset for spouse earnings over $37,000 but under $40,000.

5. Boost your first home savings

The First Home Super Saver Scheme (FHSSS) allows first home buyers to save up to $15,000 per year, and $50,000 in total, towards their first home within their superfund and take advantage of a lower tax rate of 15%. These contributions must be within your existing contribution caps. Plus, there are strict rules around when you can release the funds for your first home purchase. Find out more from the ATO website.

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Things you should know

Bendigo Superannuation Pty Ltd ABN 23 644 620 128 AFSL 534006 (Bendigo Super) is the trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension (products). Bendigo Super is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879 (Bank). Each of these companies receives remuneration on the issue of the products or services they provide, full details of which are contained in the relevant Product Disclosure Statement (PDS). Bendigo Super, the Bank and its related entities do not guarantee the repayment of capital invested, the payment of income or products’ investment performance. An investment in these products does not represent a deposit with, or liability of Bendigo Super, the Bank or its related entities. The Bank does not stand behind or guarantee the performance of Bendigo Super in its capacity as trustee and issuer of the products. Bendigo Super is not an authorised deposit-taking institution within the meaning of the Banking Act 1959.

Information on the website is subject to change without notice. Any advice in relation to superannuation is provided by Bendigo Super. The information contains general advice only and does not take into account your personal objectives, situation or needs. Before making an investment decision in relation to these products you should consider your situation and read the relevant PDS accessible through this site.

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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