Whether your job at the Qantas Group is your first full time role or simply the latest stopover on your career journey, now is the time to get excited about your super and learn how you can make the most of it.

What do you mean? Retirement’s still years away!

That may be true, but there’s actually a lot you can do with your super before you retire – and the day you open an account in your new super fund is the perfect time to start making the most of it.

1. Making contributions could be a tax-effective way to invest

Putting your money into the super system is one of the most tax-effective ways of investing. This is because super funds pay tax at a special rate of only 15%.

If you earn between $45,001 and $120,000 a year, meanwhile, you pay 32.5% income tax for every dollar you earn over $45,0001. But if you sacrifice income for additional super contributions you could have more money working for you without doing anything extra.

Let’s look at Sam. Sam gets a pay rise of $10,000 a year.

He has the choice to take this as fully taxable income or boost his super through salary sacrificing. He chooses to salary sacrifice and receives a benefit of $2,100.

Watch this short video to learn more about making contributions:

1Income tax rates for 2021/22

How salary sacrificing works for Sam
No salary sacrificingWith salary sacrificing
Salary sacrificed amount$10,000
Superannuation Guarantee entitlements at 10%$6,500$6,500
Super contributions tax$975$2,475
Net super contributions$5,525$16,500
Taxable income$65,000$55,000
Less tax (incl. Medicare levy and low income tax offset and low and middle income tax offset)$11,787$9,187
Net salary$53,213$46,813
Plus net super contributions$5,525$14,025
Net benefit$58,738$60,838
Overall benefit if Sam chose to salary sacrifice$2,100

Based on 2021/22 tax rates. Assuming no HELP debt.

Annual caps on contributions

The Government limits the amount of concessional (before tax) and non-concessional (after tax) contributions you can make into super.

If you exceed these limits you may need to pay additional tax.

2021/22 contributions caps
Contribution typeAnnual limit
Concessional (before tax) contributions$27,500
Non-concessional (after tax) contributions$110,000

2. Save for a house with the First Home Super Saver Scheme

Buying a property is still, for many, the Great Australian Dream. Unfortunately, statistics show it’s getting harder for many Australians.

According to the Australian Bureau of Statistics, home ownership has fallen from 70% of households in 1998 to 66% in 2018 – the lowest proportion of home ownership since the ABS began tracking this data in 1994.

That’s why the Government introduced the First Home Super Saver (FHSS) Scheme in 2017. It aims to help more Australians buy their first home by giving them a vehicle through which to save up for a deposit.

If you’re a first home buyer and the following apply to you, you might be eligible to participate in the FHSS scheme:

  • You either live in the premises you’re buying or intend to as soon as practicable; and
  • You intend to live in the priority for at least six months within the first 12 months you own it, after it’s practical to move in.

Under the FHSS scheme, you can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You’ll also receive the earnings that relate to those contributions.

There are a number of important things to know about the FHSS – learn more.

3. Make the most of the benefits on offer

We know it’s a long road to retirement – that’s why we offer a range of benefits that you can start taking advantage of now.

Our advice service, for example, allows you to speak to a Super Adviser over the phone or face-to-face at no additional cost. This service, along with our online education and range of seminars, can help you take control and set a plan for your financial future now.

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Whether you’re just starting out in your career, you’re winding down at work, or you’ve already set out on your retirement adventures, there’s never a bad time to seek advice.

Make a contribution

You can review your contributions for the current financial year and grow your super by logging into your account.

Grow your super

If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.