Time is running out to boost your super before 30 June.

Call me about boosting my super

From 1 July 2017, the government is reducing the amount of money you can put into super.

The good news? You can still take advantage of the current rules to give your super an extra boost before 30 June.
If you’ve been thinking about moving money into your super, now is the time to do it.

Even a few dollars today can have a big impact on your future lifestyle.

Three good reasons to boost your super

1. You’ll benefit from the power of compound interest which grows your savings faster
2. Before-tax (salary sacrifice) contributions reduce your taxable income
3. Investment earnings on money in super are taxed at just 15%

Now is the time to start




Assumptions: Based on an 8% p.a. return compounded monthly.

What's changing?

Here's what you need to know about the contribution rule changes:


Before-tax contributions

Also known as concessional or salary sacrifice contributions.

TODAY’S RULE
You can make before-tax contributions valued at up to $30,000 per year if you are under 50, or $35,000 per year if you are aged 50 and older.

FROM 1 JULY 2017
Before-tax contributions will be capped at $25,000 per year for everyone, regardless of age.

THIS MEANS
You can contribute between $5,000 and $10,000 more in before-tax contributions today, than you will be permitted to from 1 July 2017.

After-tax contributions

Also known as non-concessional contributions.

TODAY’S RULE
You can make after-tax contributions valued at up to $180,000 per year.

People under 65 can use the ‘bring forward’ rule to make lump sum contributions totalling $540,000.

FROM 1 JULY 2017
After-tax contributions will be capped at $100,000 per year for everyone.

People under 65 can use the ‘bring forward rule’ to make lump sum contributions totalling $300,000.

THIS MEANS
You can contribute $80,000 more in after-tax super contributions before 30 June 2017, than you will be able to from 1 July 2017.

If you’re under age 65, you can use the ‘bring forward rule’ to contribute as much as $240,000 more before 30 June 2017, than you will be permitted to from 1 July 2017.

Case studies



Meet Chris

Chris 48. He has received $10,000 in before-tax contributions from his employer this year. He’s planning on setting up salary sacrifice contributions to reduce his taxable income and boost his balance ahead of retirement.

BEFORE 30 JUNE 2017
Chris could move up to $20,000 in before-tax money into his super prior to 1 July 2017 without exceeding the $30,000 before-tax cap.

AFTER 1 JULY 2017
Chris could move up to another $15,000 in before-tax money per year before he exceeds the $25,000 cap.





Meet Justine

Justine is 52. She hasn’t made any after-tax contributions this year, or in the last two financial years. She has just received an inheritance of $330,000 and is thinking of moving it into her super account.

BEFORE 30 JUNE 2017
Justine could move $180,000 into her super after 1 July 2017 as an after-tax contribution.

Or she could take advantage of the ‘bring forward rule’ and move the whole amount into her super before 1 July 2017.

AFTER 1 JULY 2017
Justine could move $100,000 of her inheritance into her super before 1 July 2017 as an after-tax contribution.

Or she could take advantage of the ‘bring forward rule’ and contribute up to $300,000 into her super in the 2017/18 financial year. She would not be able to make any extra after-tax contributions in the following two years without exceeding her after-tax cap. Under these rules, Justine would have to wait until 2020/21 to move the final $30,000 into her super account as an after-tax contribution.

It's easy to boost your super

Don’t leave it too late - your contributions must be received by us and processed before 30 June 2017 to take advantage of today’s rules.


How to make a before-tax contribution

  1. Download and complete a Contributions Form.

  2. Give your form to your employer’s Human Resources or Payroll department.

How to make an after-tax contribution

  1. Use BPAY®*

    Log into your internet banking or call your phone banking service, and select the BPAY (or bill payment) option.

    Follow the instructions using the details below:

    Biller Code: 646596
    Reference No: Your CRN

    ® Registered to BPAY Pty Ltd ABN 69 079 137 518

  2. Using your internet banking*
    Make an online electronic funds transfer using the details below:
    Bank: ANZ
    BSB: 014-988
    Account number: Your CRN

  3. By cheque
    Complete a Contribution by Cheque Form and attach it to a cheque payable to
    Russell Investments Master Trust

    Mail your form and cheque to:

    iQ Super by Russell Investments
    Locked Bag A4094
    Sydney South
    NSW 1235

*Your financial institution may have daily limits that apply. Please also note that deposits can’t be made in a bank branch or via bank-initiated transfers (like same-day or RTGS transfers).

Don't know you Customer Reference Number (CRN)? Find it by:

  • referring to your member card or a recent statement
  • completing our online retrieve CRN form (you'll need your member number for this)
  • logging into your online account
  • calling us on 1800 555 667.

Need help?

If you’re wondering how much to contribute, whether before-tax or after-tax contributions are right for you, or how much to put in to reach your retirement lifestyle goal, we can help.

Our team can talk through your options or refer you to our phone-based advice service for personal financial advice on your contribution strategy, at no cost to you.

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