Boost your retirement savings for later - and enjoy the tax savings now
With salary packaging, you have the option to use funds from your pre-tax salary to make additional contributions to a complying superannuation fund. This not only reduces your taxable income, meaning you could save on tax, but could also boost your retirement nest egg.
The Government of South Australia already makes regular superannuation contributions on your behalf as part of your standard salary, but making additional superannuation contributions can go a long way.
Additional super contributions are subject to just 15 per cent contributions tax. So for every dollar you contribute, 85 cents goes directly into your superannuation account.
Who can package additional super contributions?
All Government of South Australia employees can choose to salary package additional superannuation contributions. Click here for more information.
Superannuation - what exactly can I package?
You can choose to salary package additional superannuation to a complying South Australian Government Superannuation Fund, such as the Super SA Triple S Scheme, directly through Shared Services Payroll, or through Maxxia to a complying superannuation fund of your choice.
If you are a member of the Super Triple S scheme only, there is also no limit on additional superannuation contributions. Otherwise, caps for concessional superannuation contributions apply - please refer to the ATO website for up to date information.
This benefit sits above any FBT exempt cap limits provided by your employer.
Things you need to know: The above information is not intended to constitute taxation or financial product advice. Your benefits and savings will vary depending on your personal objectives, financial situation and needs. We recommend you obtain independent financial advice before making any financial decisions.
Eligibility criteria and terms and conditions apply. All salary packaging proposals are subject to the requirements of your employer. Administration fees will apply. The actual administration fee that applies to you may vary depending on your employer. ITCs (refund on GST) are excluded. Maxxia may pay and receive commission or rebates in connection with some services and products it provides or arranges to be provided by third parties. Maxxia Pty Ltd ABN 39 082 449 036 Authorised Representative (No. 278683) of McMillan Shakespeare Limited (AFSL No. 299054).
