How Can I Grow My Super?

When it comes to growing your super, there are plenty of tax-effective strategies you can use

The choice is yours when it comes to the amount you are willing to contribute in order to get a higher amount of pension when you retire. Placing your money in a superannuation fund is a good way to invest your financial resources so that you have your means for subsistence upon retirement. Whether you have recently joined the workforce and are looking for practical ways to boost your contribution, or you're nearing the end of your working days and want to maximise what you take out of your super, there are lots of steps you can take that will make a difference.

ANZ SMSF Cash Hub Account


1.00 % p.a.

max rate

1.00 % p.a.

standard variable rate

ANZ SMSF Cash Hub Account

This account is for SMSF trustees to access their SMSF cash balance, to make payments and investments, and to receive income to the one account.

  • Maximum Rate: 1.00% p.a.
  • Standard Variable Rate: 1.00% p.a.
  • Monthly fees: $0.00
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Compare SMSF accounts

Rates last updated August 21st, 2019
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
$0 / $0
This account is for SMSF trustees to access their SMSF cash balance, to make payments and investments, and to receive income to the one account.
BankVic SMSF Saver
$0 / $0
Ongoing, variable 1.90% p.a. Available on balances up to $5,000,000.

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Strategies to increase your superannuation

  • Deliberate increase of contribution. In addition to the compulsory 9.5% contribution your employer needs to pay into your super, you are also free to kick in additional contributions. This is usually done by paying from your after-tax salary therefore making your contribution tax free. If you already make personal contributions to your super fund, you can increase the amount you invest as your salary increases. Contribute additional money gradually to your fund so as not to abruptly sacrifice your salary. You can also increase your super by paying money from savings such as sale of assets, inheritance or unpaid leave when you resign or retire directly into your super fund.
  • Be eligible for government co-contribution. The government encourages individuals to save and invest their money for retirement. Through the Government’s super co-contribution scheme, low and middle income earners making personal contribution to their super account are rewarded. You are eligible for this scheme if your income for the year is between $36,813 and $51,813. If your income is equal to $36,813 and you contribute $1,000, the Government will make the maximum co-contribution of $500 to your superannuation account. If you earn more than that, the Government contribution you receive will reduce progressively the higher your income. You can check you eligibility for this scheme by visiting the site
  • Automatic salary deduction. Salary sacrifice is done by requesting your employer to automatically contribute a portion of your salary to your super fund. This option is done instead of personally paying your contribution from after-tax salary. This scheme has advantages since this can reduce your taxable income which in effect reduces the tax you pay. It may even increase your take home pay. But before you consider this scheme to grow your super fund, you should ask your employer if this method is available to you.
  • Combine your superannuation into one fund. If you have worked several jobs, chances are you have contributed to various funds that you may have lost track of. You need to take time to contact all you super funds and consolidate your superannuation and realise savings at the same time. This is a wise management to grow super fund account from multiple sources of contributions and reduce fees and charges.
  • Find unclaimed super. There are several lost super accounts out there. You can be one of the owners of those and you need to take it back. You can track down you unclaimed superannuation and consolidate it with your present account. In this way, you can increase your super and live a comfortable life upon retirement. You can contact the Australian Tax Office for assistance to help you locate your lost super accounts.

Compare SMSF term deposits for a low-risk investment alternative

Rates last updated August 21st, 2019
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Interest Earned
UBank Green Term Deposit Account

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Contribution limits to be aware of

While growing your super fund account is a good idea, you need to know that the government has set contribution limits both for employer contribution (concessional) and member contribution (non-concessional).

  • Concessional contributions - $25,000 p.a., regardless of age (trom July 1 2017)
  • Non-concessional contributions - $100,000 (from July 1 2017)

Setting up an SMSF

Another growth strategy is to set up a self-managed super fund, or SMSF.

SMSFs or DIY super funds are small funds of no more than 4 people that are wholly managed by their members, who typically act as trustees of the fund. Having full control over the way the funds are invested means members are able to invest in growth options, which tend to be higher risk and higher return, as opposed the asset mix decided by their super fund.

Additionally, because there are no ongoing annual contribution fees, investment fees, switching fees or insurance premiums to pay, there’s the potential to save on outgoings towards your super fund as well.

However, SMSFs are not for everyone. Because of the costs involved in setting an SMSF up, as well as the ongoing fees required to maintain it, they tend to work out as a more cost-effective solution for people with larger super balances. It’s also important for members to have the time and inclination to manage the fund properly and attend to all the account-keeping and regulatory responsibilities that come along with it.

If you are an SMSF trustee (or interested in becoming one), another cost to consider is fees or charges that your bank, credit union or building society charge you to hold onto your funds, plus the interest rates they pay out on deposit amounts. For that reason, it’s a good idea to shop around to get a sense of the types of accounts available to SMSF trustees, and to compare their fees and rates. Use our table below to start comparing your options.

It’s never too late to grow your super

Knowing the benefits of super funds, one should make a habit to make an effort to save for retirement. You always have the opportunity to supplement your super fund and enjoy its benefits when you retire. A little sacrifice that you make today will allow you to live a comfortable life when you grow old. While you are able to work and undertake a job, do it to prepare for the future which is uncertain. The best way to face your retirement is by doing the right financial decisions today.

Choosing a super fund

Name Product Past Performance - 1 Year Past Performance - 3 Years Past 5 year performance Calculated fees on $50,000 balance
New fund
New fund
Earn Velocity Frequent Flyer Points for making contributions to your super. T&Cs apply.
Enjoy discounted rates on banking products with ME Bank and health cover with GMHBA health insurance.
Choose between 14 different investment options, including a socially responsible option.
Socially responsible and ethical investment options available.
Pay no entry, exit or switching fees and enjoy a range of different investment options with QSuper.
New Fund
New Fund
New Fund
Superestate focuses on investing your super in residential properties and charges some of the lowest annual fees in the market.
Earn a Retirement Bonus of up to $4,800 when you open a new Income account. T&Cs apply.
Get access to one-on-one professional advice at no additional cost.
Choose investment options that align with your personal values.
Access offers, deals and discounts through the BT Super Benefits Now program.
Enjoy discounted health insurance with HCF.
Get fee-free advice on your superannuation as a BUSSQ member. T&Cs apply.
Receive a complimentary financial planning session with a Suncorp financial planner.
Enjoy discounted rates on banking products with ME Bank.
Access simple personal advice at no cost.
Gain access to lifestyle offers and benefits on NAB financial products and services.
Earn rewards and vouchers through the AIA Vitality program.
A flexible industry super fund for people who work in Australia’s higher education and research sector.

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The information in the table is based on data provided by Chant West Pty Ltd (AFSL 255320) which is itself supplied by third parties. While such information is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such information. Chant West’s Financial Services Guide is available at . Finder offers no guarantees or warranties about the data and we recommend that users make their own enquiries before relying on this information. Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. Past performance is not a reliable indicator of future performance.

*Past performance data is for the period ending December 2018.

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