Back to grow-your-super

Voluntary contributions

After-tax

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 post-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 on 30 June 2017 is less than $1.6 million, you can bring forward up to three years' worth of contributions^. If you decide to do this, you won’t be able to contribute any more for the next three financial years. The amount you can bring forward will depend on your total super balance and when you triggered the bring-forward rule. 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. This is a fantastic opportunity to boost your super because it means you’ll only end up paying 15% contributions tax (which your super fund deducts from your contribution). 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:

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.

Get payment details

Organise regular payments from your bank account or financial institution.

Get payment details

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

Get payment details

* If you are aged between 65 and 74 you need to meet a work test to make this type this type of  contribution

® Registered to BPAY Pty Ltd ABN 69 079 137 518

This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003, trustee of Retail Employees Superannuation Trust ABN 62 653 671 394, of which REST Super, REST Corporate, REST Select, REST Pension and Acumen are part. It contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website.

Awards and ratings are only one factor to consider when deciding how to invest your super. Further information regarding these awards can be found at rest.com.au/about-rest/awards. Past performance is not an indicator of future performance. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au