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If you have funds available to put into super after you've met your living expenses, even small contributions can make a difference to your retirement balance.

Two ways to build your super

If you decide to contribute more to your super, there are two main options - tax-deductible after-tax contributions, or before-tax salary sacrifice contributions.

Tax-deductible after-tax contributions

This is an option for people who work for an employer or who are self-employed. An after-tax super contribution includes any payment you make from your take-home pay into your super from your bank account.

You can contribute any amount as regularly as your like as long as you don't exceed the concessional contribution cap (generally $27,500 a year - which includes the super your employer pays you).

You must notify TWUSUPER of your intent to claim a deduction and fulfill certain criteria - the details are on our Claiming a tax deduction page.

Claiming a tax deduction

Salary sacrifice

You need to be an employee to put a salary sacrifice arrangement in place. This is where you put pre-tax income into super by arranging for your employer to put some of your pay into your super instead of putting it all into your bank account. This is a way to build more super while paying less tax.

This is generally suited to people who don't have a lot of high-interest debt to pay down and who have money left over after they've been paid and taken care of living expenses. 

Want more detail?

Go to our dedicated salary sacrifice page which outlines the important information you need to be aware of - including eligibility requirements. 

Find out more - Salary sacrifice

Do you earn under $58,445?

If you make an after-tax contribution and earn under $58,445 in the financial year ended 30 June 2024, the Government can chip in up to $500 to help boost your super even further. This is known as the Super Co-contribution Scheme.

Note: You can't claim a tax deduction for contributions for a financial year in which you've received the Government Co-Contribution.

Super Co-contribution Scheme

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at twusuper.com.au/tmd