The amount of money you have with Westscheme is dependent on your contributions, the investment option you choose and the way that your investment performs. The greater the amount you have in your account, the more money you will have for your retirement.
It’s never too late or too early to direct money into your super. Over time, your money is expected to grow due to interest compounding. There are a number of ways to make contributions into your account.
Concessional Contributions
Concessional Contributions cover payments made by an employer (including contributions made under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by a self-employed person.
Contribution Splitting
Contribution splitting allows you to split your super with your spouse, provided your balance with Westscheme does not fall below $5,000 (other conditions apply).
Employer Contributions
If you are employed, your employer can direct your employer contributions (also referred to as superannuation guarantee) into Westscheme.
Government Co-contribution
Government Co-contribution is the money the government contributes into your super if you first make personal contributions into a super fund such as Westscheme. This is available to members with total income of less than $58,980 p.a. in 2007/08 ($60,342 p.a. in 2008/09) who are under 71 years of age (other conditions apply).
Non-concessional Contributions
Non-concessional Contributions are made from a person's after-tax income including any contributions made by your spouse to your superannuation account. The terms 'non-concessional contributions', 'post-tax contributions', 'personal contributions' and 'after-tax contributions' are often used interchangeably.
Personal Contributions
Personal contributions are contributions you voluntarily make into your super.
Rolling Over
By rolling over all your super accounts into the one account, you may make saving for your retirement easier and more productive.
Salary Sacrifice
Salary sacrifice is where your employer makes contributions on your behalf before tax is deducted from your gross salary. Salary sacrificing may advantage some, as it reduces taxable income. Consult with your employer to arrange salary sacrificing.
Spouse Contributions
Anyone can make contributions on behalf of their spouse. There can be tax benefits for making contributions into a spouse account.
Want to make contributions into your super? Find out more by downloading our Member Handbook/ Product Disclosure Statement.
Find out more about these topics by clicking on the links below:
Trustee: Westscheme Pty Ltd AFSL 232709 ABN 33 009 194 218 RSE Licence No: L0000581
Westscheme ABN: 68 559 391 482 SFN: 1353/119/43 RSE Registration No: R1000825