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Imagine you’ve received some extra money - maybe from a tax return, work bonus or self-employment. Would you consider the benefits of contributing some of that money to your super?
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The impact extra contributions can have
While retirement may feel like it's really far away, even small voluntary contributions today can make a big difference in the future with the power of compounding returns. If it suits your personal situation, adding a little bit extra to your super could have a big impact on your balance for retirement2.
There are two different ways you can contribute to your account
- Before-tax contributions come out of your pay before it’s taxed. Your employer pays this into your super account on top of compulsory super contributions, or after-tax contributions you claim a tax deduction for.
- After-tax contributions are extra payments you can make from the money you’ve already paid tax on, like your take-home salary. If you make after-tax contributions, you could also qualify for a super co-contribution, depending on certain eligibility criteria such as your annual income.
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Important information to consider
- AustralianSuper 2024 KYF Data Reports
- Before adding to your super, consider your financial circumstances, eligibility, contribution caps that may apply, tax issues and when your super can be accessed. We recommend you consider seeking financial advice.