Ways to boost your super

The sooner you make extra payments to super, the easier it will be for you to save and the better off you are likely to be in retirement.

3 ways to boost your super without spending money

1. Take more risk – especially if you’re under 40

Choosing a conservative investment option may mean a lower return than a more aggressive option. Although a riskier investment option may deliver higher returns, you can sometimes end up with a negative return, too. But history has shown the markets have bounced back. Consider your feelings about risk and choose the most aggressive option you can handle and still sleep at night. Just a warning – past performance is not a reliable indicator of future performance.

Get more information about risk.

2. Find and combine your super

Do you have more than one super account? The more you have, the more you may be paying in fees. At age 25, having one super account instead of five could save you as much $50,000 before you retire1.

You could also have lost super that you don’t know about. There’s almost $18 billion of lost super in Australia2.

Tasplan can help you find and combine all your super accounts for you. You could save yourself thousands in a few clicks.

Find and combine now

Otherwise, complete a Combine your super with Tasplan - Tasplan Protect 1 form or a Combine your super with Tasplan - Tasplan Protect 2 form to rollover your funds into Tasplan.


Complete the Tasplan Protect 1 form if you are a member who is not a Tasmanian State Government employee or a former RBF Tasmanian Accumulation Scheme member.

Complete the Tasplan Protect 2 form if you are a Tasmanian State Government employee or a former RBF Tasmanian Accumulation Scheme member.

Before you combine your super:

  • check that your employer can contribute to Tasplan and let them know you’re changing funds. If your old super fund receives contributions for you after you’ve transferred out, they may open a new account for you
  • check the other fund’s exit fees, and if they have any restrictions or penalties
  • check that your old super fund has your tax file number (TFN) as it’ll make it easier to transfer, and you may be paying more tax than you need to
  • consider if you want to make a tax deduction for any after-tax contributions you’ve made to the fund, or split contributions made by you, or on your behalf, with your spouse, as you’ll no longer be able to do this on the contributions you’ve transferred out
  • consider transferring your insurance to Tasplan before combining your super, as you’ll lose your insurance when you close your other account
  • read our Tasplan Super Member guide Tasplan Protect 1 or Tasplan Super Member guide Tasplan Protect 2 and consider talking to a financial planner.

1ASIC Moneysmart Superannuation calculator. Calculations are based on the super balance of a 25 year old who has $30,000 across five super accounts invested in a high growth option with high fees. As at 19 March 2018.

2 Australian Government, Australian Tax office: Almost $18 billion of super waiting to be claimed. 30 June 2017. Accessed 5 April 2018.

3. Provide your TFN

Make sure we have your tax file number (TFN). If we don’t, you’re probably paying much more tax than you need to.

5 more ways to boost your super

1. Take advantage

Take advantage of the low income superannuation tax offset (LISTO) and/or government co-contribution payments

If you earn $37,000 or less and receive concessional contributions, you may receive a LISTO payment of up to $500 from the government.

Also, if you earn less than $52,697 in the 2018-19 financial year and personally contribute to your super, the government will contribute up to 50 cents for every dollar you contribute, up to a maximum of $500, depending on your income levels.

Find out more about the low income superannuation tax offset and the government co-contribution.

2. Salary sacrifice

Salary sacrifice contributions are contributions to your super that come out of your pay before tax. They are usually taxed at 15% rather than your personal marginal tax rate.

Find out more about salary sacrifice, see what a big difference even a few extra dollars can make with our Retirement $ projector or tee up a salary sacrifice by talking to your HR people.

3. Make spouse contributions

You may be able to claim a tax offset of up to $540 for after-tax super contributions you make on behalf of your non-working or low-income-earning spouse. You can also split super contributions with your spouse. There may be tax benefits, especially if one of you is closer to retirement than the other.

Find out more about spouse contributions.

4. Contribute yourself

Personal contributions are payments to your super from your after-tax money. They are not taxed when we receive them or when you withdraw them.

Find out more about personal contributions including how to make them.

5. Make a downsizer contribution into your super

If you’re 65 years or over, you can make a downsizer contribution of up to $300,000 into your super from the sale proceeds of your family home. Conditions apply. 

Find out more about making a downsizer contribution.

Bonus boost

If you're 57 or older – consider a transition to retirement strategy

A transition to retirement strategy lets you withdraw tax-free or concessionally taxed income while contributing part of your salary back to super. This may be a tax-effective strategy, which can help boost your retirement savings.

Find out more about transition to retirement.

Next steps

Financial advice can help you save money, keep you on track (especially if you sometimes put things off) and work out how you can get the most from tax and government entitlements. You’ll come away with more financial security and peace of mind.

Bonus – you can generally pay your fees out of your Tasplan account, so the cost of financial advice won’t affect your take home pay.

For an appointment, email us at info@tasplan.com.au or call us on 1800 005 166

Put a rocket up your super. Check out our Retirement $ projector