Boost your super with no cap*
Kate's salary sacrifice benefits
No cap on salary sacrifice contributions* means I’m streets ahead already
I was already salary sacrificing, but at 45, I decided it was time to really dial up my super savings. I heard that Triple S has no annual salary sacrifice cap* so I increased my contributions to the maximum I could afford – from $15K to just over $31K per year.
Read my story
I ran the numbers on Super SA’s online calculator to see what sort of boost that could give my super savings by the time I retire at age 67. It showed me that, based on my current salary of $120,000, my take home pay does reduce by around an extra $10,000 but – here’s the good part – my super contributions increase by $16,000 per year.
So, basically, I’m taking advantage of no cap on annual salary sacrifice with Triple S*, and using tax savings as well as my own money to turbo-boost my super. Thank you very much Triple S!
I’m already streets ahead but here’s the big picture. With a current balance of $350,000, by the time I retire, this strategy could give me an extra $358,000 to spend. For me, that’s the difference between an adequate retirement and a really enjoyable one.
To run your own numbers, try our contributions calculator.
Case study assumptionsProjections are for illustrative purposes only and has been calculated based on the following assumptions, which may not apply to you:
- Employer super contributions of 10.5% up to 12% by 1 July 2025
- Investment rate of return of 5% per annum net of investment and operational risk reserve costs
- Price inflation rate of 2% per annum and salary inflation rate of 3.2% per annum
- Insurance premiums of $300 per annum
- Administration fees have been calculated at $70.20 per annum plus 0.05% of the account balance (capped at $325 per annum)
- 26 fortnights per year.
How to set up your salary sacrifice
Setting up your salary sacrifice through Super SA is a quick and easy three step process.
Step 1: Fill in the Salary Sacrifice form
Want to salary sacrifice directly to Super SA? Decide on a set dollar amount or percentage to salary sacrifice. Filling in the form is easy.
Step 2: Give the completed form to your employer or HR delegate
If you’re not sure who to give the form, just ask your immediate manager. They should know where the form needs to go. If you are a Police Officer and a member of the Triple S Scheme or Super SA Select then please send your form directly to Super SA to action and we will then forward to your employer or HR delegate for processing.
Step 3: Your employer or HR delegate will complete the employer declaration for you
After you’ve given the form to your employer or HR delegate, the employer declaration, section 5, will be filled in by your employer or HR delegate. They’ll also hand the completed form to your agency's payroll to process. Shared Services or Payroll will action the completed form and they’ll adjust your salary as per your instructions in the form and the employer will deduct a $44 fee.
By salary sacrificing before tax, you could:
Lower your income tax
Generally, salary sacrifice contributions are taxed at 15% when contributions are paid into your super account, which may be lower than your marginal tax rate. It also reduces your taxable income, as salary sacrifice contributions are deducted from your before-tax salary.
Save more in super
With a salary sacrifice agreement in place, you will be saving more for retirement, which will be compounding over time. This could allow you to arrive at a financially sound place, sooner than later. When you’re ready to retire and live your best life, you’ll be better prepared financially.
Take advantage of no annual cap*
With Triple S, members can take advantage of the rare benefit we offer which allows you to contribute much more to your super each year. With most super funds, an annual contribution cap of $27,500 applies. However Triple S members have a lifetime cap, but no annual cap*. This is a great way to turbo-boost your super as you’re nearing retirement.
Want to know more?
Visit the salary sacrifice page
Try our Super Projection calculator
Register for a webinar or seminar
Speak with a financial advisor
* With Triple S, no annual concessional contribution cap applies. Triple S has a lifetime untaxed plan cap of $1.65m in 2022-23. However, if you also receive concessional contributions in a taxed fund, any employer and salary sacrifice contributions you receive in Triple S will be counted towards your annual concessional contributions cap ($27,500 in 2022-23).
Information is correct as at November 2022.
Individual outcomes may materially differ from the outcome shown. It is not intended to be relied on for the purposes of making an investment decision in relation to the superannuation schemes administered by Super SA. This information is general in nature and does not take into account your personal objectives, situations or needs. You should assess your own financial situation before making any investment decisions based on this information. Past performance is not a reliable indicator of future performance.