Boost your super savings

Midcoast Financial Planning • October 28, 2025

What’s your super strategy?

Creating a strong super strategy is crucial to setting yourself up for success later in life. Starting now and making small changes to how you approach your super savings can make all the difference to ensuring you have a secure and comfortable retirement.

A proactive and well-planned super strategy helps you maximise your contributions, take advantage of tax benefits and make informed investment choices. Take a look over these useful strategies to help you build a bigger super balance.

Consider consolidating your super funds


If you’ve moved jobs or done casual work over the years, you may have money in several super funds. You can easily check for lost super through the Australian Taxation Office (ATO). If you do find you have multiple funds, consolidating your super into one account can have a number of benefits. You can:


Save money on fees


Avoiding multiple sets of fees on different accounts can significantly reduce the overall cost of managing your super and increase the balance you have available when you reach preservation age. Some funds also offer lower fees for large balances.


Simplify administration


Keeping track of your super balance, contributions and investment performance is a lot easier when you’re focussed on one account. It also reduces the risk of losing track of your super savings.


Increase your investment options


Some super funds offer better or more diverse investment opportunities, which can give you flexibility and control. You can also monitor the investment performance of different super funds to ensure you’re choosing the best option for your future.


There are a few things to think about before you consolidate your super:

Explore the benefits, features and any fees on multiple super accounts to choose the option that suits your financial goals.


Be aware of any impacts on your tax, as well as exit or termination fees when you close extra super accounts. This includes if you intend to claim any tax deductions for personal super contributions.

Don’t forget your insurance. Make sure your chosen super account will provide the coverage you need when you consolidate your accounts. This includes the type and amount of coverage, the policy terms and any coverage of existing medical conditions.

Make personal contributions


By making a personal super contribution and claiming the amount as a tax deduction, you may be able to pay less tax and invest more in super. To understand what tax rates might be applicable, visit the Australian Taxation Office website.


There are a few things to think about when you’re making personal super contributions:


To claim your super contribution as a tax deduction, you need to go through the right channels, including submitting a ‘Notice of Intent’ form before you complete your tax return.

Be aware of any annual contribution limits set by the government.

Make sure you balance your contributions with your day-to-day budget, as there are only limited ways you can access contributed funds before you reach preservation age.

Salary sacrificing


You might also be able to reduce your tax and boost your super balance through 
salary sacrifice. This is an agreement with your employer to contribute a certain amount of your pre-tax salary or potential bonus into your super. The MoneySmart super optimiser calculator can give you an idea of how salary sacrificing can impact your super and take home pay.


Contributing to your super through salary sacrifice can have several benefits, including:


Potential tax concessions


Contributions made through salary sacrifice tend to be taxed at a lower rate, compared to your marginal tax rate. This means you can save on taxes and increase your super balance.


Boosted total super


By diverting a portion of your pre-tax income into your super, you can significantly increase your super savings over time and ensure you have a healthy balance when you’re ready to retire.


Compound interest


The earlier you start salary sacrificing, the more you can benefit from compound interest. Essentially the interest you earn on your super contributions will also earn interest, contributing to a healthy super balance.


Reduction in income tax


Salary sacrificing reduces your taxable income, which can be particularly beneficial if you’re on the edge of a tax bracket. This can mean that you reduce your total income tax at the same time as you contribute to your super balance.


Top up your spouse’s super


Is your spouse working part-time, earning a low income or currently not working (but not retired)? Making a ‘spouse super contribution’ can be a strategic way to both boost your partner’s retirement savings and benefit from some tax offsets.


Some key considerations when making a spouse super contribution include:


Eligibility


As with most things super, there are relevant eligibility criteria to consider when planning a spouse super contribution.


Tax benefits


You could be eligible for a tax offset, reducing your taxable income while increasing savings for both you and your partner.


Seek professional advice


Tax and super systems are complex, change regularly, and everyone’s financial situation is different. We can help you stay up to date with the latest rules and regulations and personalise advice to your specific circumstances, goals and needs. We can also help you to maximise the benefits of your tax and super to boost your retirement savings into the future.


Source: NAB


Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/manage-money/budget-saving/boost-super
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
© 2025 National Australia Bank Limited (“”NAB””). All rights reserved.


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