How to build up superannuation for your future

When we think of superannuation, we think of a future life event. But superannuation growth begins today. We show you how a few simple saving ideas can help put you in good stead for the future.

Roll your superannuation into one account

You may have multiple superannuation accounts from previous employers, which means you could have a little nest egg in an old account that may be being drained by fees. Combining your super into one account could save on fees. Plus you don’t have to keep track of all those different account numbers and passwords!

Put extra savings into super

Putting extra savings into your super in the form of additional contributions is a great idea to build your wealth for the future. But you may not be aware that there are caps on how much you can contribute. If you haven’t reached the cap in the financial year then you have an opportunity to boost that super amount and reduce your taxable income. If you have reached the cap then you can actually be penalised come tax time.

The two main ways you can contribute to your super fund are:

  1. Concessional (before-tax) contributions: contributions made by your employer or, if you are self-employed are made by you and you can claim a tax deduction.
    Cap: $30,000, or $35,000 for those aged 50¹ and over.
  2. Non-concessional (after-tax) contributions: personal contributions that you or your spouse make with income after you have been taxed.
    Cap: $180,000.

Check your fund’s fees and charges

There’s no point saving extra money towards your superannuation only to have it swallowed up by exorbitant administrative and maintenance fees. Take some time to review your chosen fund’s fees and charges – and don’t be afraid to shop around.

Consider an SMSF

A self-managed superannuation fund (SMSF) can have tax and investment benefits like the ability to purchase investment property to help boost your wealth before you hit retirement age.

However, SMSFs are complex structures with strict legal parameters, so you will most likely need a financial planner to assist you in setting this up correctly.

There are also ongoing costs and compliance obligations, so you have to be prepared to meet these obligations over the course of your lifetime. Speak to one of our financial planners to see whether an SMSF is right for you.

Already retired? Consider a retirement account

Our retirement savings product enables you to make everyday transactions while attracting a higher rate of interest than an ordinary everyday account. It also features no monthly account-keeping fees.

This helps your retirement savings stretch further.

Our experienced Beyond Bank Wealth Management financial planners can help you develop a superannuation strategy for both now and into the future. Use our online calculator to start planning your superannuation today.

¹ To meet this qualification you need to be age 49 and above on 30 June 2014.


General Advice Warning: This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.
Disclosure: Beyond Bank Australia Wealth Management is a trading name of Eastwoods Wealth Management Pty Ltd ABN 17 008 167 002 AFSL 237853.