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Can you imagine living the life you dreamed of in retirement?

The future may appear to be far away but if you’re wanting a comfortable retirement, contributing a little extra towards your super today could go a long way. One way of contributing extra is known as ‘salary sacrifice’.  

What is salary sacrifice?
Salary sacrifice is an arrangement where you ‘sacrifice’ a portion of your pre-tax salary into your super account rather than it going into your bank account. This amount is on top of your employer’s compulsory Superannuation Guarantee payment.

Is this for me?
Any extra contributions you can make towards your super is a good idea. This also depends on your circumstances and is typically a tax-effective strategy if you earn more than $37,000 a year.

The benefits of salary sacrificing include:

  • Pay less tax
  • Boost your retirement savings
  • Investment earnings in super are concessionally taxed.

But there are a few things to consider before you decide to increase your super contributions:

  • You will not be able to access your super until you reach your preservation age and meet a condition of release
  • There’s a $25,000 limit on Concessional Contributions. You can find out more information on Contribution Caps here.

Salary sacrifice is not for everyone so we recommend getting advice before you make any arrangements. You can also find out more information on salary sacrifice by visiting our website.

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