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Contributing to your super

Education HUB article

5 minute read

What are super contributions?

A super contribution is an amount of money that is paid into your super account, either from an employer or yourself. Super contributions can be either one-off or regular payments.

For most of us, our super contributions are compulsory amounts that are paid by our employer each pay cycle. Usually, you can see these contributions on your pay advice summary or on your super statement.

But did you know you can contribute to your super in other ways?
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Super contributions
Super contributions

Super contributions you can make

You can boost your super by adding your own contribution in addition to what your employer pays. Over time, these amounts add up and you can benefit from your investment earnings compounding.

There are two types of super contribution you can make, concessional and non-concessional.

Concessional contributions

A concessional contribution, also referred to as a before-tax contribution, is paid to your super account before any income tax is applied. Concessional contributions include:

  • Payments made by an employer as per the Superannuation Guarantee scheme.
  • Salary sacrifice contributions. Your employer deducts an amount that you nominate from your salary before you pay tax and pays it to your super fund. These contributions are a helpful way to boost your super and save in tax. 
  • Personal deductible contributions (PDC). These are payments you can make to your super account. You can then claim a tax deduction for these contributions. Self-employed people and employees are both able to make a PDC payment.

Concessional contributions are taxed at 15%. However, if your income is above $250,000 the tax rate is 30%. Currently, the concessional contributions cap is $25,000. 

From 1 July 2021, the concessional contributions cap will be $27,500.

Non-concessional contributions

A non-concessional contribution, or an after-tax contribution, doesn’t attract tax when paid into your super fund because you have already paid income tax.

Currently, the yearly cap for non-concessional contributions is $100,000 per annum.

From 1 July 2021, the non-concessional contributions cap is being increased to $110,000.

If you make non-concessional contributions into your super account, you may be eligible for a Government co-contribution. For the latest details on super co-contribution, visit the ATO website.

Contributing to your spouse’s super

You can also contribute to your spouse’s super. If your spouse is earning a low income or not working, you may be able to claim a tax offset. You can find more information on spouse contributions here.

Bendigo SmartStart Super

If you are a Bendigo SmartStart Super member, you can find all your personal details online via our secure member portal.

Visit the portal today to take the next steps in contributing to your super.

Still not sure?  

If you're after some general advice, we have a team of Wealth Specialists available to call you. They can refer you to a financial planner if you need personal advice. 

Do you have other questions? You can find more helpful advice in our Education Hub

 

Related documents

The First Home Super Saver Scheme allows you to voluntarily contribute up to $30,000 to your super fund, and then use this amount (plus earnings, less tax) to buy your first home.

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