A great way to boost your super is to make voluntary contributions from either your before-tax or after-tax pay. Even small contributions can make a huge difference to your super.
You may be able to use some of your before-tax income to increase your super through what is known as salary sacrificing.
These contributions are treated as employer contributions so are subject to a 15% contributions tax. And because this may be lower than your marginal tax rate, there may be real tax benefits to contributing to your super this way.
Ask your employer if you can do this.
Contribution limits apply to before tax contributions (which include the super guarantee and salary sacrifice). See the contribution limits section below for more information.
Another way to make personal contributions to your super is from your after-tax income. These contributions are not taxed when they go into your super.
There are limits to how much you can put into your super after-tax. Please see contribution limits below.
Make after-tax contributions
Use BPAY® to make your after-tax contributions to TWUSUPER.
Our Biller code is 857664. Get your BPAY® number through Member Access or by calling us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
If you prefer to pay by Direct Debit, use the Voluntary contributions form.
If you make contributions to super from your after-tax pay, the Government will chip in up to 50 cents for every dollar you contribute (up to a maximum of $500) if you:
- earn under $51,021 in 2016/17
- have given us your Tax File Number
- lodge a tax return for 2016/17
- are under 71 years at 30 June 2017
- earn at least 10% of your income as an employee or by running a business
- are a permanent resident of Australia.
You can make a contribution with BPAY®. Our Biller code is 857664.
Get your unique BPAY® number through Member Access or by calling 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
Boost your spouse's super
You can help build your spouse’s* super with some of your contributions.
To split your before-tax contributions with your spouse, complete a Contributions splitting application form.
If your spouse earns $13,800 or less, you may be able to claim a tax rebate (or offset) for making an after-tax contribution to their super. To make an after-tax contribution to your spouse's super, complete a Spouse contribution form.
*To receive your contributions, your spouse must meet the age and work-hour requirements (contact us for more information). The law defines a spouse as another person (whether of the same or different sex) who is legally married to you, or a person who, although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.
There are limits on the amount that can be contributed to your super for concessional tax treatment.
If you have any questions, call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
Before tax limits
For the 2016/17 financial year, the before tax (concessional) contribution limit is $30,000 if you are under 50 and $35,000 if you are over 50. This includes your employer super guarantee contributions as well as any salary sacrifice contributions.
From 1 July 2017, this limit reduces to $25,000 per financial year for everyone.
If you exceed the before tax limits, you may need to pay extra tax.
After tax limits
Until 30 June 2017, there is a $180,000 a year (or $540,000 over three years brought forward) limit on after-tax contributions.
From 1 July 2017, the annual cap will reduce to $100,000 (or $300,000 over three years brought forward). From this date, once a balance reaches $1.6 million, no more after tax contributions will be able to be made.
If you exceed the after tax limit, you may need to pay extra tax.
Tax and your super
Most people only pay 15% tax on before-tax contributions (including the super your employer pays). If you earn over $300,000, you may pay more tax*.
No tax is deducted from after-tax personal contributions to super up to the limits.
See How super works for more information.
Make sure we have your TFN
Make sure you don’t pay too much tax on your super by providing us with your Tax File Number (TFN).
Check if we have your TFN through Member Access or by calling us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
*The definition of income here includes concessional contributions. If your adjusted taxable income excluding your concessional contributions is less than $300,000, but the inclusion of your concessional contributions pushes your income above $300,000, the additional 15% tax will only apply to the portion of the contributions that are above $300,000. This additional tax may be paid directly by you or released from the Fund. Adjusted taxable income includes taxable income, reportable employer superannuation contributions, deductible personal superannuation contributions, reportable fringe benefits amounts and other sources of income. From 1 July 2017, the above limit will be lowered to $250,000.