WORKING FEWER HOURS OR NOT AT ALL?

Sometimes family commitments or other priorities mean you cannot be in paid employment, or have to stop full-time work for a while. If you are planning this in advance, every bit of saving helps.

Maternity leave or part-time work may lower your assessable income for the year, making you eligible for the following:

• Government Co-contributions (up to $1,000 from the Government each year)
• Spouse contribution rebate (up to $540 rebate from the Government each year)

If you are not in paid employment you can still contribute to your super. Consider moving assets such as bonuses or inheritances into your super, where potentially lower tax on earnings applies, plus tax free income after age 60. Seek professional advice before acting to help you make the decision that is best for you.

The Australian Securities and Investments Commission (ASIC) recommends topping up your super as much as you can afford. Because super is generally taxed less than similar investments, most people would save more through super than any other way.

For more information or assistance, please call our friendly Member Services team on (03) 9911 3222 (regional callers 1300 300 820) or email us.