The changes to superannuation which will take place on 1 July 2013 could mean more money in superannuation for those still working. So, how much extra will you get?
If working longer, the increased superannuation guarantee and the low income super contribution could boost the balance in your super fund. And if you’re fortunate enough to have some extra cash at the end of the month, making additional super payments could increase your balance even further.
To find out how much your superannuation balance will increase due to the super reforms implemented from 1 July 2013, simply key in a few simple details to the More Super Calculator.
If you’re in a position to make extra contributions from your salary, find out whether before or after tax contributions are the best way to boost your balance and by how much you can increase your balance. To do this, simply key in a few details to MoneySmart’s Super contributions optimiser.
Superannuation is a tax effective means by which to save for your retirement, but you should consult an independent financial advisor before increasing your contributions. It’s worth remembering that although extra contributions are taxed at a concessional rate, there are limits which apply and once you have made the extra contributions, your money is essentially locked away until you reach preservation age and can access your super.
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