super contributions

The earlier you start investing in superannuation, the more you will save in the long term. Throughout all stages of life, It is important to think about super contributions. The recent federal budget highlighted the importance of super and how it is one simple way to be strategic in saving for the future. So what can you be doing with your super contributions now to improve your financial health in the long term?

Start young

Although retirement may feel like a lifetime away, the earlier you start saving for superannuation, the better your finances will shape up in the long run. It all comes down to compound interest and being able to make ‘interest on your interest’ over a significant period. 

You probably haven’t considered super contributions if you are still paying off HECS, saving for your first home or even paying for school fees. Superannuation may not be at the top of your priority list, but It’s worth thinking about making small super contributions that will see a significant difference in the long run.


If you are a low-mid income earner under the age of 71, you may receive an additional $500 contribution from the government. This is called a co-contribution.

If your total income is equal to or less than $39,837 and you make a contribution of $1,000, you will receive a $500 co-contribution from the government. The co-contribution amount will decrease as your income increases and no longer applies to income levels of $54,837 or more.

This is the perfect way to start boosting your superannuation and leveraging government contributions where possible.

First Home Super Saver Scheme (FHSS)

If you are saving for your first home, it may be worthwhile funding your deposit within a superfund through the First Home Super Saver Scheme (FHSS).

The FHSS scheme allows you to save money for your first home, inside your super fund. FHSS helps first home buyers grow their savings faster with the concessional tax treatment of superannuation. Under this scheme, the maximum you can contribute every year is $15,000 with the maximum savings being $30,000. Saving for your first home is a stressful process, but this strategy will help you get a headstart.

What’s the best strategy for you?

There are plenty of ways that you can start getting ahead through super contributions. A financial planner will be able to help you organise the right plan to suit your needs and goals. Get in touch with the team at APS Financial Planning to learn more about super contributions and the best strategy to help you plan for a healthy financial future.