How can I grow my super?

Depending on your financial circumstances, the Superannuation Guarantee payments may not be enough for your retirement. If this is the case, there are a number of strategies you can use to really boost your super.


If you've had more than one job in your life, chances are you have may have more than one super account - you may have even lost track of some of them! Consolidating your super is about finding all your super monies and moving them into one account - so you can get clear view of your super and really start to make your money work for your retirement.

This guide shows you how simple it is to seek out all your super funds and put them into a single fund. This could add thousands to your super balance at retirement.

Here's a hypothetical example of how:

  • Jenny has one super fund with a balance of $10,000.

  • George has 5 super funds, each with $2,000.

  • They both pay an annual administration fee of $5 per month for each fund.

  • Over 30 years, Jenny's super balance grows to $93, 830 compared to George's balance of just $66,642.

A difference of $27,188 over 30 years, simply because Jenny decided to consolidate1.

Government co-contributions

With the Government's super co-contribution scheme, you may receive a benefit from the Government based on any after-tax contributions you make to your superannuation fund, if you meet the eligibility criteria.

Salary sacrifice

A tax effective way of making additional contributions to your super is through salary sacrificing. Contributions can be made from your pre-tax salary and because they're taxed at a lower rate in most cases, it can not only boost your retirement savings but it can also be a useful tax-effective investment strategy. You should consider your concessional contributions cap when undertaking salary sacrifice to super.

Find lost super

There are over 6 million lost super accounts in Australia, and it could be working harder if consolidated with your current account. BT can help you find any lost super and make it work better for you.

1. Example based on net annual returns of 8%p.a. reinvested. No allowances have been made for inflation or taxation. This assumes that the only fees paid by the member are administration fees of $60p.a. and doesn't take into consideration any additional contributions made to any funds.

For most BT Funds there is no charge for accepting rollovers; however some funds may charge fees for accepting rollovers. Therefore you should check the relevant fund PDS to see whether any rollover fees will apply. You should also check with your other fund/s to determine whether there are any exit fees for moving your benefits, or other loss of benefits (e.g. insurance cover).

The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice.