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.
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
If you prefer to pay by Direct Debit, use the Voluntary contributions form.
Depending on how much you earn each year, the Government can chip in up to $500 to help boost your super when you make a voluntary non-concessional (after-tax) contribution to your TWUSUPER account.
This is known as the Super Co-contribution Scheme - set up by the Government to help people save more for the future.
To be eligible for a co-contribution you must:
- earn under $51,813 in 2017/18
- provide us with your Tax File Number
- lodge a tax return for 2017/18
- be under 71 years at 30 June 2018
- if you're over 64 years, meet a work test
- earn at least 10% of your income as an employee or by running a business
- be a permanent resident of Australia
The ATO website has a list of all the co-contribution requirements.
How much could you get?
If you meet the criteria, how much the Government co-contributes depends on two things:
- How much you earn
- How much you contribute
Use this calculator to see how much you could get.
How to contribute
You can make a contribution with BPAY®. Our Biller code is 857664.
*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), a maximum of up to $540, for making an after-tax contribution to their super for the 2016/17 financial year. From 1 July 2017, you could be able to claim the offset if your spouse earns $37,000 or less.
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
From 1 July 2017, the before-tax (concessional) contribution limit is $25,000 per financial year. This includes your employer super guarantee contributions as well as any salary sacrifice contributions.
If you exceed the before tax limits, you may need to pay extra tax.
After tax limits
From 1 July 2017, the annual cap will reduce to $100,000 (or $300,000 over three years brought forward). From this date, once your total super 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 $250,000, 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).
*The definition of income here includes concessional contributions. If your adjusted taxable income excluding your concessional contributions is less than $250,000, but the inclusion of your concessional contributions pushes your income above $250,000, the additional 15% tax will only apply to the portion of the contributions that are above $250,000. 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. This limit is applicable from 1 July 2017 - for the 2016/17 financial year, the adjusted taxable income limit was $300,000.