WHAT IS SALARY SACRIFICE?
Salary sacrificing money into your super account is one strategy you can use to boost your savings for retirement, and it may allow you to pay less tax. Even small amounts add up, thanks to the snowball effect of compound interest. Salary sacrificing $50 of your pay a month into super, could mean an extra $27,300 in retirement*.
HOW MUCH EXTRA COULD YOU SAVE?
See for yourself how much extra you could have at retirement by using the below Industry SuperFund calculator.
WE’RE A PROUD INDUSTRY SUPERFUND
Did you know Team Super is an Industry SuperFund? The Industry SuperFund symbol is the mark of a super fund you can trust. Choosing a fund that carries this symbol could make a significant difference to your retirement because it represents funds that are run only to profit their members, which could mean more for you in retirement.
How to sacrifice my salary
1. DOWNLOAD
Download the Authority to deduct from my pay (PDF) form.
2. FILL IN
Complete your personal details, contribution amount and sign.
3. REQUEST
Give your employer the completed form.
Things to consider
Before setting up a salary sacrifice you should consider the rules (PDF) around contribution caps, or how much you can salary sacrifice into your super account each year. If you go over the limit, you may have to pay an excess concessional contributions charge.
Other ways to grow your super
Not sure if salary sacrifice is the best way to grow your super? We offer different options for adding money to your super so you can achieve a comfortable retirement. For more information, check out this page.
If you're unsure, don't forget we're here to help. You can give us a call on 13 64 63 or contact us via our website. If your needs are more complex, we can put you in touch with a financial adviser from Team Super Financial Advice.
*Source: Industry SuperFunds Add extra to your super calculator. Based on a 34 year old earning $90,000 pa with a super balance of $70,000 and adding $50 per month as a before-tax contribution.