I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

How Salary Sacrifice Could Save You Thousands in Tax Each Year

So you have basically two options when your savings comes from your employer. You can have it paid into your super fund, and that would then mean that the income is attached with a flat tax rate of 15% as opposed to having your salary paid into your bank account where you will be attached with a marginal rate.

Super Funds also include Medicare living as well. So if you start at $18,200, you donít pay any tax. But then the income over that threshold will require you to start paying 20.5% including the Medicare living. And thatís within the threshold of $37,000. And when it jumps up again to 34% for a salary of $80,000, and then up to 38.5% at $180,000 salary. But you will be paying 46.5% in tax upon going beyond that range.

So while you will be paying that on a marginal tax rate, policies for super will only require you to pay 5.5% if you have a salary within the range of $18,201-$37,000. Instead of 34%, you will only be paying 19.0% tax savings in the salary range of $80,001-$180,000, 23.5% at a salary range of $80,001-$180,000, and 31.5% if your salary goes beyond $180,001. So you can save a significant amount depending on where your income fits into the threshold bracket. Most Australians earn $37,000-$80,000.

There are also other factors to consider such as investment property, tax deductions, and so on. You really need to consider. It is important to note though that if your salary falls within the range of$0-$18,200, then you are not required to pay marginal tax. So even though the differences in various brackets are significant into super, it is still best to opt for financial advice to get the best results.

You can opt for financial advice from our experts at www.australiansuperfinder.com.au. Call us at 1300 252 167.

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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