HOW TO GROW YOUR SUPER

While life can sometimes get in the way of a good financial plan, taking the time now to check you are on track can make a big difference to your outcomes in retirement.

The Goldman Sachs & JBWere Superannuation Fund continues to be an industry leader for investment performance compared to its peers. Returns that consistently outperform the market over the long term can mean thousands of dollars more in your super.

Here are a few things to consider when you’re thinking about how to grow your super:

1. CHECK YOUR BALANCE REGULARLY

It’s easy to log in to your account at www.gsjbwsuper.com.au and check your super balance regularly so you can ensure you’re on track and you can mitigate any gaps early.

2. CONSOLIDATE

If you’ve had numerous jobs, you may have multiple super accounts. Consider consolidating all of your super into one account which helps to save on fees and insurance premiums. You can check where your super is by using the ATO’s online services through myGov. If you would like to consolidate your other accounts into your Goldman Sachs & JBWere Superannuation Fund account you can do so online, or by calling Helpline on 1800 025 026.

3. MAKE A PRE-TAX CONTRIBUTION VIA SALARY SACRIFICING – ‘CONCESSIONAL CONTRIBUTIONS’

Salary sacrificing is a great way to grow your super account. You can boost your super by making (pre-tax) concessional contributions via salary sacrifice benefitting from tax savings. You can contribute up to $27,500 to the end of the 2023/24 year, increasing to $30,000 from 1 July 2024, per financial year as (pre-tax) concessional contributions. This includes your regular superannuation guarantee (SG) contributions made by your employer. Start saving now and you could get the added benefit of compounding interest - earn interest on not only the money in your account, but on the interest you have already earned. Simply fill in the form here and submit it to your employer. See also below for having voluntary contributions you make yourself count as concessional (pre-tax) contributions.

The figures provided relate to the 2023/24 financial year. They will change for the 2024/25 financial year. 

4. MAKE A POST-TAX CONTRIBUTION – ‘NON-CONCESSIONAL CONTRIBUTIONS’

If you have exhausted your concessional (pre-tax) contribution cap of $27,500 for the financial year, you can also make post-tax contributions also known as non-concessional contributions up to $110,000 for 2023/24 and $120,000 from 1 July 2024 per financial year. If you are under 75 years of age, you may also be able to use the ‘bring forward’ rule and make up to $330,000 (increasing to $360,000 from 1 July 2024) in non-concessional contributions over three years (or all in one year).

You are able to make voluntary contributions to your super account using BPAY. BPAY allows you to make a contribution by phone or from your internet banking account at a time convenient to you. BPAY is available 365 days a year.

To make a contribution via BPAY, log in to your online account and visit the Personal details section for the Biller Code and Personal Reference Number or, for assistance call the Helpline on 1800 025 026. You can also fill in the form here to make a contribution via cheque.

The figures provided relate to the 2023/24 financial year. They will change for the 2024/25 financial year

5. CARRY FORWARD ANY UNUSED CONCESSIONAL CONTRIBUTIONS CAPS. 

Are you eligible to access any unused concessional cap carry forward amounts? From 1 July 2018, members can make ‘carry-forward’ concessional super contributions if they have a total superannuation balance of less than $500,000. Members can access their unused concessional contributions caps on a rolling basis for five years. Amounts carried forward that have not been used after five years will expire.

6. CLAIMING A TAX DEDUCTION FOR NON-CONCESSIONAL CONTRIBUTIONS

If you have realised funds from other investments or you want to utilise any remaining concessional (pre-tax) contribution caps and you contribute some of these to super from after-tax dollars, you could apply to claim a tax deduction on these contributions so they are treated as concessional (pre-tax) contributions. Only contributions up to your applicable concessional (pre-tax) contribution cap will be counted.

You'll need to advise the fund of this intention by completing and submitting a Notice of intent to claim or vary a deduction for personal super contributions form before you submit your tax return for the year in which the contributions are made. It is recommended that you seek financial advice if planning to make use of unused caps to be sure you stay within your applicable cap and not incur extra tax and adhere to the conditions that apply. 

7. CONSIDER THE BENEFITS OF YOUR SPOUSE JOINING THE FUND

If your spouse earns less than $40,000 a year, you may qualify for a tax offset of up to $540 on contributions of up to $3,000 that you make on their behalf to any Australian superannuation fund. You can split before-tax contributions from your account with your spouse or make additional contributions to your spouse’s account.

The figures provided relate to the 2023/24 financial year. They may change for the 2024/25 financial year. 

Did you know your spouse can join the fund?
For details about membership in the Spouse Division, read the Features of the Goldman Sachs & JBWere Superannuation Fund. If your spouse wants to become an Eligible Spouse Division Member, please complete and return the spouse membership application form.

8. CHECK YOUR INSURANCE COVER

Check your cover online or request your cover details via the Helpline. Effective 1 July 2019, if there have been no contributions made to your account for more than 16 continuous months, your cover may be switched off. Making a contribution will mean your cover continues, however you can opt-in to have your cover continue regardless of your contribution activity.

NEED HELP?

We offer a range of convenient advice services at no extra cost, including limited advice through the Mercer Helpline. Simply call us on 1800 025 026. Alternatively you can visit the website, www.gsjbwsuper.com.au or email us at GSJBWAdmin@mercer.com and a team member will assist.