Generally deemed essential to living a comfortable retirement, super funds also emerged as a saviour for Aussies in surviving the coronavirus storm. The government’s early super withdrawal scheme enabled financially affected individuals to sail through the period of economic hardship. Besides, individuals who remained invested in super funds during the pandemic saw super proving its worth once again despite virus-induced disruption.
Low to middle-income earners in Australia are also eligible for a government co-contribution of up to A$500 per year if they make a contribution to super with their after-tax pay.
Besides, people under 65 years of age can make a personal after-tax contribution of up to A$300,000 over a three-year period, given their super balance is below A$1.6 million.