Thanks to the special incentives provided by the Federal Government for investing in superannuation, it is a tax-effective way to invest no matter how old you are.

We understand that If you're younger, paying off the car and credit card, repaying HECS, of saving for a house and paying the rent, finding spare cash to drop into super can be really tough and may not be high on your list of priorities. But if you are considering your investment options, then you might well consider super as part of your overall investment strategy.

Of course, if your older and the word 'retirement' is not just a concept, but a rapidly approaching way of life, then it could be a good time to start considering ways of boosting your super savings and therefore your lifestyle in retirement.It's never too late to boost your super and, depending on your situation, there are many different ways you can do it.

Salary sacrifice

Salary sacrificing can help boost your super. Its where you re-direct some of your before tax salary into your superannuation account. Not only do the extra payments boost your super, but this option might also give you a tax saving as these amounts are taxed at the contribution rate of 15%. You can find all the details in Fact Sheet #1 – Salary Sacrifice – how it works.

Rolling over 

Rolling over or combining your accounts may save you time and money. It can save you time as it’s easier to keep track of you super, and it might save you money because you will only pay one lot of management fees. For more information on how you can roll your money over and any benefits, view Fact Sheet #10 – Rolling your money into Equipsuper.

Spouse contributions

Making spouse contributions is when you make contributions into your spouse’s superannuation account. This option helps to boost the spouse’s superannuation account and may also allow the contributor to claim a tax offset if the spouse earns less than $13,800 a year and meets other criteria. Fact Sheet #13 – Spouse contributions has more information.

Choosing your investments

How your super is invested can make a big difference to the amount you will have when you retire. It’s important to have an understanding of your investment options and the risks associated with them. Making the right choices here could have a big impact on your final retirement benefit. Our Investment series Fact Sheets #1 and 2 have more information on investing within superannuation and also Equipsuper.

Regular after-tax contributions

After-tax or non-concessional contributions are contributions you make from your savings account or after-tax income. Providing we have your TFN, you can make these contributions at any time. There could be a number of benefits to making after-tax contributions. To find out more, check out Fact Sheet #2 – Making extra contributions to your super.

Ad hoc lump sum contributions

Lump sum contributions might be useful if you come into money from a windfall gain, an inheritance or the sale of a property or large asset. You can then pay some or all of your lump sum into your super account as a one off contribution.  Fact Sheet #2 – Making extra contributions to your super has more information.

Self employed contributions

If you're self-employed, there may be benefits in making extra contributions to your super. All contributions are fully tax deductible and can reduce your taxable income. Earnings are taxed concessionally and you may also receive a tax saving, however, contribution caps do apply. For full details, view Fact Sheet #6 – Making contributions when you are self employed.

Find your lost super

Losing super can be easy. Simply changing jobs, moving house or changing your name can result in your fund being unable to locate you. You can check out www.ato.gov.au/superseeker to see if you’re missing any.

Getting the right advice

If you would like to speak to an Equipsuper Financial Planner about your options, please call 1800 065 753, or you can visit the Equipsuper Financial Planning website.

To find out about these and more options and how you can ramp up your super, visit our Learning Centre Library, Contributing to your super.