Super top-ups are useful if you are saving for one of the following:
• Your first home (in Australia); or
• Retirement (min age: 60)
That’s because, unlike saving through a savings account in your own name, the government incentives super contributions.
The incentive is simply a lower tax rate.
June 2024 is actually an ideal time to top up super. For a few reasons, many taxpayers will benefit more from a super top up in the 2024 tax year than in future years.