Grow your super with extra contributions

A little extra now could add up to a lot later. Making extra contributions to your super, not matter what age you're at now, can add up over the long-term and make a real difference to your super savings. The sooner you start, the better the outcome!

Before starting...ensure all your super is in the one AustSafe Super account. 

Search and combine

It's easy - find lost super and track down any other super accounts.

Benefits

Having all your super in the one account is a great way of boosting your super.

  • Save costs by paying one set of fees
  • Keep track and manage your super more easily, and 
  • Save time with only one account to manage.

There are two options to making additional contributions:

Before-tax   or   After-tax

Before-tax (concessional) contributions

Salary sacrifice

This is where you choose to ‘sacrifice’ part of your before-tax salary and have it contributed directly into your super account. This is an arrangement you can generally set up through your employer. It's important to check with your employer that before-tax contributions can be made on your behalf. 

Benefits include:

  • Reduced taxable income (as your salary is reduced by the contributions you make directly to super)
  • Contributions are taxed at just 15% instead of your marginal tax rate which could be up to 49% (including the Medicare Levy and Budget Repair Levy).

 

 

Read our Salary sacrifice fact sheet for more information.

After-tax (non-concessional) contributions

Extra contributions can really add up!

It doesn't matter how near or far off your retirement is, you can still top up your super. By adding as little as $20 per week you could be thousands of dollars better off in retirement.

See the difference it can make!

ONLY employer contributions x 30 years = $192,9531
Compulsory employer contributions + $20 extra cash per week in voluntary contributions x 30 years = $239,797 1,2

That's a difference of $46,843!1

We make it easy for you to contribute to your super with these easy options:

  1. BPAY

    Biller code: 929901. Your unique reference number is available through MemberOnline, on your Annual Statement or by calling us on 1300 131 293.

  2. Direct Debit

    Complete the Member direct debit request form to set up a direct deposit to your AustSafe Super account from your bank account.

  3. Payroll deduction - Check with your employer that after-tax contributions can be made on your behalf.

Here's the types of after-tax contributions you can make -

Personal contributions

These include regular or personal lump-sum contributions you make directly into your super fund. For example, from your after-tax pay, your savings, profits from your business or from selling an asset.

Government Co-contribution

If you earn less than $51,021 for 2016/17 financial year, you could get up to $500 of FREE super from the Government!

To find out if you’re eligible, read the Government co-contribution fact sheet.

Low income super contribution

The low income super contribution (LISC) is a Government super payment, up to $500 per financial year, to help low income earners save for their retirement.

To find out if you’re eligible, visit the Australian Taxation Office (ATO) website

Spouse contributions

Your spouse can help you save for retirement by making contributions on your behalf. If you’re not earning an income, or if your salary is less than $13,800, your spouse may also receive an 18% income tax rebate for contributions up to $3,000 per year. Contribute to your spouse’s AustSafe Super account.

To do this, complete the Spouse contribution form - be sure to read the eligibility requirements set out on the form.

Contribution splitting

Contribution splitting means that you can split some super contributions made in the previous financial year to your spouse’s superannuation account. If your partner is under age 55 or between age 55 and 65 and not yet retired, you can split contributions with your partner. 

To do this, complete the Contribution splitting application. You may need to speak with our Financial Planners before doing this.

Self-employed contributions

If you're self-employed, you could be eligible to claim a tax deduction on your super contributions. 

Complete the Notice of intent to claim a tax deduction form and indicate the amount you wish to claim to get started.

Make sure we have your TFN

There are many benefits in providing us with your TFN. Your before-tax contributions will be taxed at a lower rate and you may be eligible to receive a Government co-contribution payment or a low income super contribution payment.

Remember – you might also have some lost super you’re entitled to! Finding lost super can also help boost your super savings even further. Simply login to your MemberOnline account to supply us your TFN.

Assumptions:
1This example assumes an opening balance with AustSafe Super of $5,000. For the purposes of this assumption SG contributions of 9.50% p.a. (indexed by 3.5%) on a salary of $50,000 per annum has been received, earnings applied are 7.3% p.a. for a ‘moderate’ risk profile. Projections are calculated over 30 years. All figures are represented in today’s dollars assuming inflation of 3.5% p.a.
2This example assumes that additional after-tax contributions of $20 per week (indexed by 3.5% p.a.) have been made.