Just remember,

once the money is contributed to your Super fund, you do not have access to it till you retire.

There are fees and taxes payable on your contributions, until you retire. These can be hefty in terms of opportunity lost.

Some funds make insurance compulsory, irrespective of need or appropriateness.

Some funds do not allow balance transfer.

Like everything, do your homework. Read there policies, and read reviews from others. Super is complex, and supports many advisors.

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You omitted to state that salary sacrifice not possible after age 75. This is discriminatory to senior citizens who still work.We are encouraged to keep working and contributing to taxes but not allowed to protect our financial future by building our super. It is particularly discriminatory to women who start late. building super and have so much time out for child and elder care compared to men. Wish this could change

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Your example re person earning 100K salary sacrificing 10K is incorrect. The super account will have $8500 after 15% contribution tax, the $10K does not make it into the super account.

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That's what I thought too.

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Just to correct your comment about access to super , an older person still working can access their super !!

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Hi there

My employer won't allow me to salary sacrifice a bonus after they have informed me of the amount of the bonus. They say that the reason is driven by ATO rules, which require that the election be made prior to an individual being aware of their bonus amount.

Your article states "Consider using bonus payments or increases in salary as a painless way to salary sacrifice - this way you manage to live on your previous income and boost your super." but you cannot do this based on what my employer has told me according to the extremely counter-intuitive rules.

Can you please clarify?

Ryan

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Were the caps to Super contributions not introduced because older workers were contributing all of their income to super then being allowed to take it out the next day (since they qualify) thereby reducing their tax to a mere 15% while every other worker is paying 45%-49%?

Ryan

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