Super’s Double Reward will Help Swell Life Savings

Most of the employees and workers are boosting their superannuation fund  through salary savings by employer and potentially giving themselves hundreds of thousands of extra dollars at retirement age.

New research has depicts that the double reward savers can get from superannuation fund by their employer. on the other side you will get thousands of dollars at retirement age.

To be illustrated, one company found a 35-year-old employee with an average super balance of $46,500 and  his average salary of $86,000 could increase their retirement balance by almost $35,000 plus save almost $7500 of tax if his employer save super for his employee $100 a month – about $23 a week.

If company employer increase their salary sacrifice portion to $500 a month – or $115 a week – their final super balance would be $174,000 more and they would save an additional $37,000 in tax.

So we can said that taxpayer can increase their super fund with the help of increase salary sacrifice.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

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