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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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Things you should know

Sandhurst Trustees Limited

Sandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (Sandhurst) is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879. Each of these companies receive remuneration on the issue of the product or service they provide. Sandhurst is the responsible entity and issuer of the managed funds available on this website, and is also the trustee and issuer of the Bendigo superannuation products. Investments in these products are not deposits with, guaranteed by, or liabilities of Bendigo and Adelaide Bank and are subject to normal investment risk, including possible delays in repayment and loss of income and capital invested. Before making an investment decision in relation to one of these products you should consider your situation and read the relevant Product Disclosure Statement available on this site.

Sandhurst is the issuer of the commercial lending products and the provider of any traditional trustee services available on this website. The Bendigo Funeral Bond (“the Bond”) is an investment product issued by Australian Friendly Society Limited (“the Society”), ABN 29 087 648 851 AFSL 247028, with benefits provided by the Society’s Funeral Benefit Fund established under Schedule 1, Rule E of its constitution and administered by Sandhurst. The Travel Protection Plan is issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043. The Society is associated with the Bank and its related entities. Neither the Bank nor any of its related entities guarantee the repayment of capital invested or the investment performance of the Bond. Information is correct at the date of this document and is subject to change.

The content on this website has been jointly prepared by Sandhurst and Bendigo and Adelaide Bank and contains general advice only. Advice in relation to superannuation and managed investment schemes is provided by Sandhurst and advice in relation to life risk insurance is provided by Bendigo and Adelaide Bank. It is provided as general information and must not be relied upon as a substitute for financial planning, legal, tax or other professional advice. The information is given in good faith and has been derived from sources believed to be accurate at its issue date. Neither Sandhurst nor the Bendigo and Adelaide Bank give any warranty for the reliability or accuracy or accept any responsibility arising in any way, including by reason of negligence for errors or omissions for the information contained on this website. The information contained on this website is subject to change without notice. Neither Sandhurst nor the Bendigo and Adelaide Bank has an obligation to update, modify or amend this website or notify you in the event that a matter of opinion or projection stated changes or subsequently becomes inaccurate.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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