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.

Contributions cap

After-tax contributions, also called non-concessional contributions*, is money that you add into your super from your after-tax income. You can contribute up to a limit of $100,000 pa. However, if your total super balance is over $1.6 million on 30 June of the year before the relevant financial year, you won’t be able to make any non-concessional contributions*.

If you’re under age 65 and your total super balance at the end of the previous financial year (i.e. 30 June) was less than $1.4 million, you can bring forward up to two years' worth of non-concessional contribution cap into the current financial year. For more information on the bring-forward rule, see our Super facts & figures.


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 if you leave these excess amounts in super. You have the option to withdraw the excess amount to avoid paying this tax.
 

Claiming a tax deduction on after-tax contributions

From 1 July 2017, if you make an after-tax contribution into super, you may be eligible to claim a tax deduction on that contribution in your next tax return. To claim a deduction on your after-tax contribution, you’ll need to submit a ‘Notice of intent to claim or vary a deduction for personal super contributions’ to Rest before the end of the financial year.

For more information on claiming a tax deduction on personal contributions, see the Australian Tax Office website.
 

How to make a contribution

It’s easy to make additional contribution payments into your Rest or Acumen account via:

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BPAY®

Make one-off or regular contributions from your bank account with your unique biller code and reference number, available in MemberAccess or on your member card.

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Direct debit

Organise regular payments from your bank account or financial institution.

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Payroll deduction

Ask your employer to make regular payments from your after-tax pay.

* Currently if you are aged between 65 and 74 you need to meet a Work Test to make these types of contributions. To see if you meet the criteria please visit our Facts page.

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