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Imagine you’ve received some extra money - maybe from a tax return or a work bonus. Would you consider the benefits of contributing some of that money to your super?

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67,000 members in your age group topped up their super.

In the 2023 financial year, 67,000 members aged 30-49 added extra to their super1.

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 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.

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.

Two ways to add to your super

Before-tax contributions

Before-tax contributions come out of your pay before it’s taxed. Your employer pays this into your super account in addition to compulsory super contributions.

After-tax contributions

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

 

Make a contribution

Grow your super for the retirement you want to achieve2

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