How it works
Voluntary contributions can be paid into your super account by your employer through a payroll deduction or by you via direct debit, BPAY®, POSTBillpay® or cheque.
If you earn less than $60,342 a year and make voluntary contributions to your super, you may receive up to $1,500 tax-free from the Federal Government's co-contribution scheme which is paid directly into your super account.
As these contributions have already been taxed as earnings (at the marginal tax rate that applies to you) they are not taxed when deposited into your superannuation account or if you withdraw your superannuation benefit as cash when you retire. An annual limit of $150,000 p.a. (or $450,000 averaged over 3 years) applies to all voluntary (after tax) contributions made to super.
For members aged 65 to 74 years, an annual contributions limit of $150,000 will apply, provided you meet the Work Test. This Test requires that you work 40 hours in a 30-day consecutive period. Members aged 75 and above cannot contribute to superannuation. Contributions that exceed these limits will be taxed at a rate of 46.5%.
Our online contributions calculator will show you a personal example of how voluntary contributions could boost your super.
Download and complete the Voluntary contributions form.