Reaching your goals

As you start approaching your retirement, it may be too late to realise the amount that you have in your account will play a large part in your future after retirement. However, you may be able to increase your superannuation at any point in your working life by giving a little consideration to the way your superannuation is managed.

Below are some tips and ideas that can have a significant impact upon your future income and lifestyle.

• Increase your contributions: Salary Sacrifice (before-tax) and Personal Contributions (after-tax)
• Co-Contributions
• Consider your Investments
• Provide your Tax File Number (TFN)

You should consider consulting with a financial adviser before implementing any of these strategies.

Increase your contributions
The more you put in now, the more you could have later on. Adding to your 9% super guarantee is a simple, easy and smart way to increase your retirement benefits. And the sooner you start the better. Not only will you have more time to accumulate your superannuation, you could also benefit from compound investment returns.

Ask your employer if they will allow you to make salary sacrifice contributions. There may be significant tax advantages to sacrificing more of your income, as these contributions can be made pre-tax.

As an OAMPS member if you have provided your TFN, you can also make personal contributions. And depending on your circumstance, you may qualify for the Government Co-Contribution Scheme.
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Co-contribution Scheme
If you earn less than $58,980 income per year, then you are eligible for the Government's co-contribution. This means if you make extra personal contributions (after-tax), the Government will recognise this by adding to your super as well. How much they contribute depends on your income and the amount of the personal contributions you make. The maximum co-contribution is $1,500 and is available if you earn $28,980 or less. This amount reduces on a sliding scale up to an income of $58,980, when it phases out completely.
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Consider your investments
Choosing which investment options to invest your super in is something some people may find daunting, but it’s an integral part of reaching your retirement goals. To make choosing the right investment easier, we’ve packaged up some of our options into investment ‘mixes’ which combine varying degrees of risk and return. For a detailed look at these investment ‘mixes’ or choices available to you, view the investment choice section of the PDS.

Should you wish to change your investment choice, please contact our customer service helpline on 1800 812 993.
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Provide your Tax File Number
It may seem odd, but if a super fund does not have your Tax File Number (TFN), all of your contributions, including your employer contributions, may be taxed at the top marginal tax rate plus the Medicare levy (46.5%) rather than the concessional superannuation fund tax rate of 15%. What’s more, a super fund cannot accept your additional personal contributions and you will not be eligible to receive a government Co-contributions if your Tax File Number is not registered with the super fund.

So if you’re an OAMPS member, make sure we have your TFN and avoid unnecessary taxes on your contributions.
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Will you have enough?
When can I access my super?

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