Employees – limited chances to boost super by 30 June (need to write to employer and request to salary sacrifice this month) as you can only sacrifice future salary, not past.
Not working or self employed – make a tax-deductible contribution, but must be in the fund by 30 June to deduct this financial year. You need to earn less than 10% of your income from employment to get the deduction.
65 YO – if you can show you have worked 40 hours in a 30-day period in the year, you can also contribute
Co-Contribution – pay some after tax money to your super fund or SMSF, and lower and middle income earners will have the government match it up to $1000 on $31,920 pa income. The amount reduces by 3.33c for each dollar earned in excess of this, and cits out completely on $61,920 pa.
The benefits of money in super is the reduced tax – 15% against your marginal rate. To have $1000 after tax, at 46.5% you need to earn $1870 pre-tax. If you sacrifice and send it to super, after tax there would be $1590. Nearly 60% better of!