Contributing extra now can have a big impact later. Putting even a few dollars extra into your super each week could significantly boost your retirement savings and may even lower your taxable income.
WHY CONTRIBUTE MORE
What are the benefits of contributing more?
Life happens. As much as we try to have all parts of our lives under control, it’s natural to let some things slide. And you may be tempted to set-and-forget super, but making extra contributions is a great way to boost your retirement nest egg and pay less tax at the same time.
Make your money work hard for you
Thanks to the power of compound interest, every extra dollar you contribute will be reinvested again and again, growing your savings faster.
Put your dollars into retirement, not tax
Making a before-tax contribution could reduce your taxable income, essentially converting your tax dollars into retirement savings.
Give yourself the lifestyle you deserve
You deserve a great life after work. Contributing extra today could mean being able to have the lifestyle you imagine for yourself in retirement.
Know your contribution limits
Which contribution method works for you?
You can make before-tax (or concessional) contributions via Salary Sacrifice, which means paying part of your salary into your super (‘sacrifice’) before income tax has been calculated. This way you’ll have less taxable income, plus your salary sacrifice amount gets taxed at only 15%.
If you receive some extra cash (such as an inheritance, a bonus or a tax return), making an after-tax (or non-concessional) contribution can be a great investment option—as well as benefiting from super’s tax-friendly environment.
You can help boost your spouse’s (or de facto partner’s) retirement savings by making a contribution to their super account. This can be a good idea if your spouse is a stay at home parent or has had time out of the workforce—and if they are a low-income earner, you may be eligible for a tax offset.
There are two ways:
You can make a before-tax contribution and split your super with your spouse, once a financial year. Read the Spouse Contribution Splitting Fact Sheet to find out more.
You can make an after-tax super contribution to your spouse’s super account. While you may be eligible to a tax rebate of up to $540 a year, the contributions you make for your spouse count towards their after-tax contribution limit.
This is designed to help boost the retirement savings of low or middle-income earners. Based on your income, the government could make a super contribution up to a maximum of $500 per financial year.
If you earn $37,000 or less a year, you may be eligible to receive a LISTO payment directly into your super account, provided you’ve given your Tax File Number to us. The maximum payment you can receive for a financial year is $500, and the minimum is $10.
The Concessional Contribution Limits for Defined Benefit Members Fact Sheet has some useful information on how to contribute extra, and the contribution limits that apply, especially if you are salary sacrificing additional amounts to your super.
The process is a little complex, but you can make a tax-deductible contribution.
HOW TO CONTRIBUTE MORE
How to contribute extra into your super
Check with your employer if they offer Salary Sacrificing, and if so, simply give your employer a completed Contributions Form, so they can start making payments to your account with us.Contributions Form
It’s very simple. Just use BPAY®:
Biller code: 646596
Reference number: Your Customer Reference Number (which you can find in your Welcome Pack).
® Registered to BPAY Pty Ltd ABN 69 079 137 518
When you lodge your tax return, the Australian Taxation Office (ATO) will work out if you're eligible and, provided you’ve given your Tax File Number to us, automatically pay it to your super account.
Low Income Super Tax Offset
If you’ve given us your Tax File Number, you don’t need to take any further action to receive this payment—the ATO will take care of the rest.Visit the ATO
In a Defined Benefit plan or self-employed?
Call us on 1800 555 667 and we’ll talk you through what needs to be done.
Forms and fact sheets
More fact sheets
Looking for a different fact sheet? Visit our Resource Centre to find more fact sheets.More fact sheets
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