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boost now, thank yourself later
Your employer is expected to contribute a minimum of 9.5% of your salary to your super. But, did you know that it doesn't have to stop there? There are many ways you can boost your super, starting now.
Two ways you can boost your super
Do it before you're taxed
Better for: those who earn a total income over $50,000
Main benefit: pay less tax
Ask your employer to set up salary sacrifice directly from your pay. If your employer doesn't offer it, you can now make contributions directly and claim them as a tax deduction.
A lot. When combined with the Age Pension, your own extra contributions can help you enjoy the things you look forward to the most. Adding an extra $20 a week now could become $50 a week for you to enjoy in retirement*. That could make a huge difference.
"I make extra contributions to my super because I’ve spent a lot of time at home with my kids. I feel it's really valuable to contribute to my super and build it up for when I retire. To me, it means freedom."
Andy, Nurse, Red Cross Blood Service
Track down your lost super
Go to the 'Consolidate super' tab in Member Online and search for your lost super.
*Assumptions based on: Starting age of 36, opening account balance of $30,000. Starting salary of $35,000 p.a. Superannuation Guarantee (SG) rate assumed at constant rate of 9.5%. Rate of return on investment of 6.0% after investment fees, costs and taxes. The final amount does not take into consideration any administration or additional fees. All figures are rounded to nearest dollar. $20 per week after-tax contribution and Medicare Levy, assumes LISTO and Government co-contribution payable to age 67. Contributions received quarterly. LISTO received at the end of each year. Tax on earnings and contributions applied at 15%. Salary indexed at 2.5%. Inflation applied at 2.5% to calculate Future Value, all figures in today's dollars. $59.82 per week based on life expectancy to age 94. This example is an illustration only and is not guaranteed. Actual outcomes may differ. Investments may go up or down. Visit the HESTA calculators to work out how much $20 a week could make a difference to you.