When it comes to growing your super, every contribution counts. Even a small contribution now can make a big difference later on.
It's easy to add more
With the end of the tax year approaching on 30 June it's a good time to think about adding an extra contribution to your super: there are some interesting government incentives that might make that extra contribution count even more
BEFORE YOU CONTRIBUTE: check your contribution caps
Before you make a contribution you should check if you have exceeded your contribution caps.
- The cap on concessional contributions is currently $27,500 per year for all individuals regardless of age. The most common types of concessional contribution are employer contributions, such as super guarantee and salary sacrifice contributions. Concessional contributions also include personal contributions on which you claim a tax deduction.
- The cap on non-concessional contributions is currently $110,000 per year but if you are eligible for the carry forward arrangements, up to $330,000 can be contributed to super in a single year. Non-concessional contributions are commonly personal contributions for which no tax deduction is claimed, and contributions your spouse has made to your account.
LOGIN to the ClearView portal to check the total of your contributions for the year to date, or your financial adviser can let you know if you are close to your cap otherwise please call our Service Centre on 132 977.
Make a personal contribution
You can make a personal contribution to your account, or a contribution to your spouse’s account, by BPAY or direct debit. To make a contribution, login to the ClearView portal. You will find your individual BPAY reference details in the portal.
IMPORTANT: Remember to check your contribution caps
If your employer hasn’t contributed to your account before they will need the Compliance Statement (confirming we are a complying super fund) and the ATO Standard Choice Form (requesting where future employer contributions are made).
Co-contributions for low and middle-income earners
The Australian government will contribute to the super account of low and middle-income Australians if they contribute to their super. It's known as the super co-contribution and you don't have to apply for this benefit or fill in any extra paperwork. You get it just by meeting the eligibility requirements below, which are determined when you lodge your tax return.
Co-contribution for 2022/23: Am I eligible?
If you earn less than $43,445 the government will contribute 50 cents for every $1 you contribute up to a maximum of $500 as a contribution. This will reduce by 3.33 cents for every $1 you earn over $43,445.
If you earn $58,445 or more you don't qualify. Other criteria apply, find out more.
To be eligible you need to make a non-concessional contribution to your super, this includes personal contributions for which you do not claim an income tax deduction.
After you have lodged your tax return, the Australian government will work out how much co-contribution you are eligible for and will make a contribution to your super account.
Tax deductions and tax offsets
You might be eligible to claim a tax deduction on personal contributions
Australians under the age of 75 (including those between 67-75 who meet the work test) may be able to claim tax deductions for personal super contributions - for example, from your bank account directly to your super fund. You can't claim a deduction for super contributions made by your employer, such as the compulsory super guarantee and salary sacrifice amounts. Find out more.
Follow these steps to claim a tax deduction:
- Make a concessional contribution by BPAY or direct debit to your super account,
- Complete the Notice of intent to claim or vary a tax deduction form. We will send an acknowledgement letter once all required information is received, and
- In your tax return, record the amount of the contribution you are claiming as a tax deduction.
IMPORTANT: Remember to check your concessional contribution cap before claiming a tax deduction.
Tax offset on contributions to your spouse's account
If you have a non-working or low-income earning spouse under age 75 (from age 67 they must meet a 'work test') you may be able to claim a tax offset on up to $3,000 of contributions you make to their super account. Find out more.
IMPORTANT: Remember to check your spouse's non-concessional contribution cap before making a contribution to their account.