Boosting your own super with extra contributions
02 May 2019
It’s amazing the difference a small contribution can make to boost your retirement savings if you start early. Regular extra contributions, combined with compound interest – the ability to earn interest on your interest – can significantly boost your superannuation nest egg.
How much can I save?
How much you can contribute will depend on how much you can find to save from your pay. If you receive annual bonuses or an inheritance, it’s also a good idea to consider contributing all or some of them to your super also.
Making some small changes to what you spend on everyday items over time can really add up! See how the small changes you make today, can make a lifetime of difference to your super account balance. Remember the earlier you start, the better!
You can make a contribution to your BUSSQ super fund using the following methods:
Direct Debit - Specify the amount to be taken out of your bank account at regular intervals and paid into your BUSSQ superannuation account. Complete the Direct Debit Request form.
BPay® - Transfer specified amounts direct from your bank account to your BUSSQ industry super fund account. To find out more, contact BUSSQ or logon to MemberAccess and click through to 'Payment Methods' for the BUSSQ BPAY Biller Code and your individual BPAY Reference Number.
Direct Payment - Regular or one-off personal contributions into your BUSSQ super account. Contact us to find out how to make direct payments.
Payroll deduction (if provided by your employer) - Speak to your employer to arrange deductions of personal contributions from your pay.
Salary sacrifice - An arrangement between you and your employer where you agree with your employer that rather than receive part of your income as salary or wages, your employer will make an equivalent contribution to your super fund on your behalf. The sacrificed amount is paid directly into your BUSSQ superannuation account before income tax is deducted reducing your gross salary or wage for taxation purposes.
For more information on making extra contributions to your BUSSQ account call us on 1800 692 877 to speak to one of our superannuation experts.
Prepared by BUSS (Queensland) Pty Ltd (ABN 15 065 081 281, AFSL 237860) as Trustee for BUSSQ (BUSSQ Fund, ABN 85 571 332 201). BUSSQ owns Skylight Financial Solutions Pty Ltd (ABN 46 076 835 848, AFSL 450139), the company that provides financial advice to our members. This information is general advice only and does not take into account or consider your personal objectives, financial situation or needs. Before acting, you should review the relevant Product Disclosure Statement to ensure you have all the information about the relevant BUSSQ product and how it works and consider the appropriateness of the information to your needs or seek independent advice from a properly qualified professional. Past performance is no guarantee of future performance.