Super Q&A with Terry
CareSuper’s Education Specialist and super expert Terry Bryan answers your super-related questions.
Question: I heard I can use my super to save on tax. How does it work? Julie, 43, Devonport
Answer: Great question! Yes, using your superannuation can be a smart way to save on tax, and here's how it works.
Called concessional (before-tax) contributions these include employer contributions (like the Super Guarantee), any salary-sacrificed contributions or personal deductible contributions you make. These are taxed at 15% within the super fund, which is usually lower than your personal income tax rate. You can receive before-tax contributions of up to $30,000 during the 2024/25 financial year. This includes your employer contributions.
You can also use the carry-forward rule to catch up on your before-tax contributions from previous years. If your total super balance was less than $500,000 at the end of the previous financial year, you can exceed your cap by carrying forward any unused portions from the previous 5 years.
Learn more about the different types of super contributions and contribution caps here.
You can also use the carry-forward rule to catch up on your before-tax contributions from previous years. If your total super balance was less than $500,000 at the end of the previous financial year, you can exceed your cap by carrying forward any unused portions from the previous 5 years.
Learn more about the different types of super contributions and contribution caps here.
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Disclaimers:
CareSuper Pty Ltd (Trustee) (ABN 14 008 650 628, AFSL 238718). CareSuper (Fund) (ABN 74 559 365 913). Any advice is provided by CareSuper Advice Pty Ltd (ABN 78 102 167 877, AFSL 284443). Consider the PDS and TMD at caresuper.com.au/pds. A copy of the Financial services guide for CareSuper is available at caresuper.com.au/fsg
This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you. You may also wish to consult a licensed financial adviser.
All information, rates and/or fees are current at the time of production and are subject to change. Changes to government legislation and superannuation rules made after this time may affect the accuracy of the information provided. You may wish to obtain professional advice before acting on any of the information contained in this document.
CareSuper Pty Ltd (Trustee) (ABN 14 008 650 628, AFSL 238718). CareSuper (Fund) (ABN 74 559 365 913). Any advice is provided by CareSuper Advice Pty Ltd (ABN 78 102 167 877, AFSL 284443). Consider the PDS and TMD at caresuper.com.au/pds. A copy of the Financial services guide for CareSuper is available at caresuper.com.au/fsg
This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you. You may also wish to consult a licensed financial adviser.
All information, rates and/or fees are current at the time of production and are subject to change. Changes to government legislation and superannuation rules made after this time may affect the accuracy of the information provided. You may wish to obtain professional advice before acting on any of the information contained in this document.