Your Super Snapshot

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Imagine you’ve just had a recent cash windfall. Would you consider the benefits of contributing some of that money to your super?

Yes, that’s something I’d look into

No, it hadn’t crossed my mind

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Over $900 million in voluntary super contributions

144,228 AustralianSuper members aged 30-49 made a total of $900 million in voluntary contributions last year1.

The impact extra contributions can have

Voluntary contributions can be a great way to help grow your super. If it suits your personal situation, adding a little bit extra to your super now could have a big impact on your balance for retirement2.

Neelima works for herself as a freelancer and is 37 years old. She earns $97,000 a year before tax and has a current super balance of $85,000.

This infographic introduces Neelima, who works for herself as a freelancer and is 37 years old. She earns $97,000 a year before tax and has a current super balance of $85,000. The infographic shows the difference to her balance on retirement at age 67 if she were to start contributing more to super now. If Neelima made no extra super contributions, her balance at 67 would be $178,000. If Neelima paid 11% of after-tax earnings annually, her balance at 67 would be $549,000. If Neelima paid 11% of after-tax earnings annually plus an extra lump sum of $5000 a year, her balance at 67 would be $781,000.   This case study is for illustration purposes only. Gross earnings and lump sum contribution assumed to increase at 3.5% p.a. After-tax earnings based on 2022/23 ATO resident income tax rates plus 2% Medicare levy. Investment returns based on 6.5% p.a. after fees and taxes. Administration fee deducted from account balances of $52 p.a. + 0.10% p.a. of your account balance up to a maximum of $350 p.a. Nominal insurance premium of $500 p.a. Performance is not guaranteed. All figures calculated in today’s dollars by discounting at wage inflation of 3.5% and rounded to nearest $1,000. Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend you consider seeking financial advice.

There’s more than one way to build your super through extra contributions. Depending on your situation, you can choose to put a little extra into your super before or after tax.

How you can add to your super

There are a few ways to make extra contributions.

Before-tax contributions

Before-tax contributions

Salary sacrifice contributions come out of your pay before it’s taxed and your employer pays this into your super account in addition to any employer super contributions.

After-tax contributions

After-tax contributions

After-tax contributions are extra payments you can make from the money you’ve already paid tax on, like your take-home salary. You could also qualify for government co-contributions, depending on certain eligibility criteria such as your annual income.

Make a contribution

Grow your super for the retirement you want to achieve.

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