You’re working hard to earn and save, but what if you are missing out on financial benefits, simply because you don’t know they exist.
This week, I’m sharing five areas where people often leave money on the table.
Employer Super contributions
It’s wise to check your super fund every three months to confirm contributions have actually been received. Just because your payslip shows the contribution, it doesn’t guarantee it’s been processed.
Some employers, especially in government roles, offer super matching, where they match your voluntary contributions. Even if this isn’t available, salary sacrifice remains a smart, tax-effective way to grow your super. Check with your fund or visit their website to learn more.
Government Super co-contributions
If you’re a low or middle-income earner and make a personal (after-tax) contribution to your super, the government may chip in as well. This is worth up to $500 per year.
To be eligible, you need to earn less than $60,400 (for the 2024-25 financial year), be under 71, and make at least a $1000 after-tax contribution. You don’t even need to apply, just lodge your tax return, and the tax office will handle the rest.
Tax savings
Tax time is fast approaching, and it’s worth reviewing what deductions and offsets you might qualify for. These could include:
- Work-from-home expenses
- Self-education related to your job
- Charitable donations
- Medical expenses or health insurance rebates (depending on eligibility)
If you’re not confident doing your own tax, a good tax agent can help make sure nothing is missed, and often the cost of the appointment is tax-deductible too.
Unclaimed money
It’s estimated that millions of dollars in unclaimed money sits with government agencies, banks, and insurance companies. These include forgotten savings accounts, old share dividends, and overpaid bills.
You can check for unclaimed money for free by visiting:
- Moneysmart.gov.au (type “find unclaimed money” into Google)
- The ATO (for unclaimed super)
It only takes a few minutes to search, and you might be surprised what turns up.
Rewards programs, rebates and discounts
It’s easy to ignore loyalty programs or discount emails, but many of them have genuine value. Review any rewards programs (frequent flyer, supermarket points, or bank rewards) and consider cashing in points for vouchers or gifts.
Also, check your eligibility for utility or transport rebates.
Depending on your household income, energy provider, or location, you may be entitled to a discount you’re not currently receiving.
Start with one small win
You don’t need to tick all five boxes today. But starting with one, like checking your super co-contribution eligibility or searching for unclaimed money, could unlock extra funds you didn’t know you had.
Be the Boss of Your Money.
