50% Bonus Boost (Cashback) for PSSap and ADFSuper Fund Members @ Boost Your Super

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Pandabargain on 24/11/2021 - 20:50 csc.gov.au (280 clicks)
Last edited 27/11/2021 - 18:52 by 1 other user

BOOST Your Super is the same thing as Shopback and Cashrewards except the cashback is paid to your super account. If you are a PSSap or ADFSuper member, you can get 50% bonus cashback on top of the rate advertised on the Boost Your Super website.

CSC (superfund trustee for PSSap and ADFSuper) is the first super fund to partner with Boost Your Super.

Boost Your Super is a platform that allows you to make free contributions to your super balance when you shop online - a super way to boost your retirement savings!

The pilot program will run from midnight EST 4 November 2021, until midnight EST on 28 February 2021, with one thousand PSSap and ADF Super customers invited to participate in the pilot.

CSC customers who opt into the pilot will receive an additional 50% boost* when they shop at one of 600+ online retailers including Adairs, Coles Online, Booking.com, LEGO, Adore Beauty, Kathmandu, eBay, Wittner, Dusk, RM Williams, Menulog, Catch, Petbarn, The Iconic and The Book Depository.

For those not familar with how super contributions work, there are two types; concessional and non-concessional. Boost your Super contributes to your account as a non-concessional contribution. You should talk to your accountant whether you should convert your non-concessional contribution to a concessional contribution by lodging a notice to intent to claim or vary a income tax deduction form (found on the ATO website). Your accountant will be able to tell you if this is beneficial and how much income tax this will save you.`

Related Stores

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  muwu on 24/11/2021 - 21:10

  So when the amount enters your super account as a non-concessional contribution, is that deemed a personal contribution made with net (post-tax) income.

  If so, there are no tax implications in that financial year for those contributions? Then if you transfer the non-concessional contributions into your concessional contribution cap, does that mean you are due a tax credit for that financial year? For example, say your marginal tax rate is 37%, and you subtract the necessary 15% concessional contribution tax, you can claim a 22% tax credit on the amount you've transferred from non-concessional to concessional?

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    happychild100 on 24/11/2021 - 21:20

    I can't help with the 2nd part, but the bpay section on my pssap does say it's a "Personal contributions (after tax)"

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    Pandabargain on 24/11/2021 - 21:30

    +2

    It goes in as an personal (post-tax) income contribution.

    If you turn it into a concessional contribution, you get an income tax deduction. If you convert $100 and your marginal tax rate is 37%, then you get $37 back on your tax return. the ATO would then also tell CSC to deduct 15% tax (turning the $100 into $85 in your super account). So overall, you end up about $22 better-off.

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      muwu on 24/11/2021 - 21:38

      Right, so exactly what I thought! As long as you are under your concessional contribution cap, you can get this cashback and then on top claim a tax credit. That's a pretty good deal!

      But then again, you're still spending money to claim small cashbacks, so not exactly a smart strategy for investing in super 😂

      You're better off starting by consolidating your super accounts if you have more than one. Then looking at your asset allocation, by changing to a growth pre-mix, or better yet single asset allocations, so as to increase your mean growth and reduce super fees. Then after that comparing super funds to improve the growth/fees. Then after that lodging a salary sacrifice with your employer (or contributing more if self-employed) to max out your annual concessional contribution cap.

      This cashback is pretty cute when you consider the big changes most people could achieve with a couple of hours of input.

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      macrocephalic on 24/11/2021 - 21:43

      But you have to lodge and intent to claim form with your super provider for the amount when you do this.

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        muwu on 24/11/2021 - 21:57

        Fill out a form, get a tax credit. Sounds like a good deal 👍

      • 

        OzChick on 24/11/2021 - 22:12

        Yeah, the form is pretty simple to fill out. You can just email it to your superfund. My superfund comes back to me within 2 weeks with a letter for my tax return.

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  happychild100 on 24/11/2021 - 21:18

  Pretty decent deal! Will be sure to check it more often. You can get more than 50% extra too. Pilot members get an extra 10% (Doesn't give an end date), plus get an extra 5% for favouriting 3 stores for a couple years. Plus if you prove you have fully vaxxed, you can also get another 5% for 2 years.

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  forgotten reader on 24/11/2021 - 21:20

  From Boost Your Super FAQ
  What type of payments are made to super, concessional or non-concessional?
  Payments made are after tax non-concessional payments. According to the ATO you can pay up to $100,000 non-concessional payments without any tax implications.

  If you are already making extra superannuation payments "Boost Your Super" will apparently not impact your tax.

  • 

    muwu on 24/11/2021 - 21:31

    …you can pay up to $100,000 non-concessional payments…

    It's $110,000/yr since July 1 (notwithstanding the 3-year bring forward rule)

    … not impact your tax.

    As long as you haven't exceeded your non-concessional cap ($110,000/yr, with 3-rear bring forward). If you intend on transfering them to concessional contribution, then you'll need to keep that total under $27,500/yr. In the later case, I wonder if it impacts your tax statement positively, as theoretically you could be afforded a tax credit?