After-tax (non-concessional) contributions

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.

Personal super contributions are tax deductible for income tax purposes for everyone under age 75 – providing you meet the eligibility criteria. These amounts will count towards the concessional cap and will be subject to contributions tax.

If you are under age 75, you will be able to claim an income tax deduction for personal superannuation contributions to an eligible fund, up to the $25,000 concessional contribution cap. These amounts will count towards your concessional contributions cap, and are subject to contributions tax, providing you are eligible to contribute (65-74 years and have met the work test).

Government Co-contribution

If you earn less than $51,813 for 2017/18 financial year, you could get up to $500 of FREE super from the Government!

Government Co-contribution

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

Low income superannuation tax offset

The package replaces the Low Income Super Contribution (LISC), which was due to expire in 2017, with the Low Income Super Tax Offset (LISTO).

If you earn up to $37,000 per year you will be entitled to the LISTO, which provides a non-refundable tax offset, based on the tax paid on concessional contributions made, up to a cap of $500. This will apply to members with adjusted taxable income of up to $37,000 that have had a before-tax (concessional) contribution made on their behalf. 

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 $40,000, 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.

Spouse contribution

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.

Claiming a tax deduction

If you're self-employed, or have made personal contributions 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.