It all adds up
One of the best ways to add to your super is to make your own regular contributions, in addition to what your employer is already paying. You can also make a payment in one go. It's really up to you.
Just to give you some perspective, ASFA’s* Retirement Projector estimates that contributing an extra $50 a month could add thousands to your final retirement savings balance if you start early.
REST has a handy calculator that helps you explore how your additional contributions could make a difference to your overall position.
After-tax contributions, also called non-concessional contributions, are monies added from your post-tax income. As you have already paid income tax on this money, it is not taxed again. You can contribute up to a limit of $180,000 pa. If you are under age 65, you can contribute up to $540,000 in after-tax contributions in one year by bringing forward two years' worth of contributions. If you do this it means you cannot contribute any more for next two financial years.
It's important to note that this may change however, as on May 2016, the government proposed to introduce a $500,000 life-time after-tax contributions cap which will replace the existing annual cap of $180,000 and the $540,000 bring-forward rule.
The caps on after-tax contributions are:
aged up to 74*
Exceeding the caps
Contributions that exceed these limits attract an excess after-tax contributions tax, which is equivalent to the current top marginal rate plus Medicare Levy and the Temporary Budget Repair Levy if you leave these excess amounts in super. You have the option to withdraw the excess amount to avoid paying this tax.