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Building your super balance

Smart ways to boost your super savings

Login  to make an after-tax contribution, or download and complete the contributions form.

Small and regular contributions could be one way to increase your super balance


What are voluntary contributions?

Making personal after-tax contributions to your super can be one of the most effective ways to increase your retirement savings. You can either make a one off payment or regular after-tax contributions to suit your financial circumstances.

By setting up small, after-tax contributions today, you could boost your super balance – potentially without noticing a significant difference to your disposable income.

Personal after-tax contributions are called non-concessional contributions (NCC). A cap applies to the amount on NCCs that you can contribute to super. The maximum after-tax contributions you can make is $100,000 pa or $300,000 by bringing forward two years’ worth of contributions. However, after-tax contributions can no longer be made if you have a total super balance over $1.6 million1. If you exceed your contribution cap, you may have the option to withdraw the excess however penalties may apply.

You can make personal super contributions if you’re aged 65 and under, or if you’re 65 or over and meet the work test (working at least 40 hours over 30 consecutive days in the financial year the contribution is being made).2

If you’re considering making non-concessional (after-tax) contributions we recommend you speak to a financial adviser or alternatively, further information is available by visiting the ATO website.

Why should I invest in super?

It’s now widely believed that the average 9.5% super guarantee (SG) will not be enough for a comfortable retirement. So why not take matters into your own hands and make sure you’re meeting your retirement goals?

Recent research by the Association of Superannuation Funds of Australia (ASFA) provides a detailed description of what singles and couples who are relatively healthy and own their own home would need to budget per year to be able to enjoy either3:

  • A modest lifestyle – considered better than the Age Pension, but still only able to afford fairly basic activities.
  • A comfortable lifestyle – enabling an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through purchase of such things as household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, domestic and occasionally international holiday travel.

However you may strive to have an even more luxurious lifestyle with frequent travel, living well without adjusting the lifestyle you’re accustomed to or the worry of outliving your savings.

Make tax-deductible super contributions

If you make a personal super contribution, you may be able to claim the contribution as a tax deduction and reduce your assessable income.

The contribution is a concessional contribution (CC) and count towards the CC cap and will generally be taxed in the fund at the concessional rate of up to 15%4, instead of your marginal tax rate which may be up to 47%5. Depending on your circumstances, this strategy could result in a tax saving of up to 32% and enable you to increase your super.

A cap applies to CCs and tax penalties can apply if you exceed the cap. All individuals may be eligible to claim a tax deduction for personal contributions. You can make personal super contributions if you’re aged 65 and under, or if you’re 65 or over and meet the work test (working at least 40 hours over 30 consecutive days in the financial year the contribution is being made). If you’re considering making concessional contributions we recommend you speak to a financial adviser alternatively, further information is available by visiting the ATO website.

How do you claim the deduction?

To be eligible to claim the super contribution as a tax deduction, you need to submit a valid ‘Notice of Intent’ form. You’ll also need to receive an acknowledgment from the super fund before you complete your tax return, start a pension or withdraw or rollover money from the fund to which you made your personal contribution.

For more information or to determine if you’re eligible visit the ATO website and speak with your registered tax agent.

Important Information
The information about super has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before deciding to make a contribution to your super, interested persons should consider the appropriateness of this information having regard to their personal objectives, financial situations or needs.

1 Total super balance includes super savings in accumulation accounts and income streams.

2Includes assessable income, reportable fringe benefits and reportable employer super contributions.

3 References ASFA Retirement Standard 2017: http://www.superannuation.asn.au/resources/retirement-standard/

4 Individuals with income above $250,000 in 2017/18 will pay an additional 15% tax on personal deductible and other concessional super contributions.

5 Includes Medicare levy

Easy ways to add to your super

You can make a one off contribution or set up regular after-tax contributions via:

  • BPay
  • Cheque
  • Credit card
  • Direct debit
  • Via payroll
  • Via your super fund or a cleaning house

Login  to make an after-tax contribution, or download and complete the contributions form.