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Salary sacrificing is an easy way to give your super a boost and help it grow faster.
It’s when some of the salary you’d normally receive as take-home pay goes into your super instead. You arrange this with your employer. Because it comes out of your salary before you’ve paid income tax, it’s taxed as super at 15% and not your marginal tax rate. By putting some of your pay into your super by salary sacrificing rather than after-tax contributions, you may in fact reduce the overall amount of tax you pay, without affecting your take-home pay—it just depends on your circumstances.
While topping up super is a great way to save, it’s important to be aware of the limits, or caps, the government sets on super contributions. You can keep track of your contributions on MemberOnline, the secure section of our website. Before setting up a salary sacrificing arrangement with your employer or payroll, it’s important to weigh up whether you’d be better off contributing this way or by topping up your super after you’ve been paid.
For more information about salary sacrificing visit unisuper.com.au/salarysacrifice or give us a call on 1800 331 685.
If you need helping figuring out if salary sacrificing is right for you, give our team of financial experts a call on 1800 823 842, and we’ll help you work out what solution suits your needs and financial situation.
Even the small contributions you make now can make a real difference to the future you want.