Superannuation contributions

Superannuation contributions

An important way to achieve the lifestyle you want in retirement

After-tax contributions

An after-tax contribution, also called a non-concessional or personal super contribution, is a payment into your super from your after-tax income. This money is not taxed as you’ve already paid tax on it at your normal tax rate. There’s a $100,000 limit per financial year on the amount of after-tax contributions you can make. If you are under age 65, you can also ‘bring forward’ the next two years’ worth of after-tax contributions, and make up to $300,000 contribution in a financial year.

Note: You can only make after-tax contributions provided your ‘total super balance’ (ie balance in super, including income streams) is less than $1.6 million as at 30 June of the previous financial year. And, if you’re over 65, you’ll need to satisfy a work test.

Claiming a tax deduction

If you’re aged between 18 – 75 and make a personal super contribution, you may be eligible to claim a tax deduction.

If you’re planning to claim a tax deduction, you’ll need to fill in a notice of intent to claim form for us before you submit a tax return. Conditions apply, so be sure to check with the ATO.

Remember, any contributions for which you claim a deduction, will then be counted towards your before-tax contribution limit.

Government co-contributions

If your total income is less than $51,813, and you make after-tax contributions to your super fund, you may be eligible to receive a co-contribution, which is where the government will make a contribution of up to $500 into your super fund.

The maximum co-contribution amount you’re eligible for will vary based on your total income and your contribution amount.

Remember, other eligibility criteria applies and you won't receive any co-contribution if your income is equal to or greater than the higher income threshold of $51,813.

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Before-tax contributions

A before-tax contribution, also known a concessional contribution is any money you put into your superannuation from your before-tax income. It’ll only be taxed at 15%* when the money reaches your super, provided that you don’t exceed annual limits set by the government.

The annual limit for before-tax contributions is $25,000 per per financial year. This includes salary sacrifice and compulsory employer contributions, as well as personal contributions for which you claim a tax deduction in your tax return. To find out more about annual limits visit the ATO website or speak to a financial adviser.

The Superannuation guarantee scheme

The Super guarantee (SG) scheme is the 9.5% of your salary that your employer must pay into your super from your before-tax salary. The government has proposed a gradual increase of the SG rate to 12% by 2025-26. If you’re not sure what your employer is paying, check with your payroll department.

Learn more about the superannuation guarantee scheme and employer super obligations.

Salary sacrifice

A salary sacrifice is a before-tax contribution to your super. You choose to ‘sacrifice’ part of your before-tax salary, or bonus, and have your employer add it directly to your super account. This is in addition to the compulsory SG amount your employer is required to contribute.

One of the benefits of salary sacrifice contributions is that they are generally taxed in the super fund at 15%* instead of your personal tax rate.

Read more about how salary sacrificing works or check with your employer if salary sacrifice is available.

The low income super taxation offset (LISTO)

If you earn $37,000 or less a year and either your employer or you put some before-tax money into your super that year, then you may get an automatic payment into your super of up to $500 per year from the Australian Taxation Office (ATO).  Find out more about the low income super contribution.

Salary sacrifice calculator

Compare the effect on take home pay and super by making personal super contributions, using either salary sacrifice or an after-tax contribution. 

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Spouse contributions

If your spouse earns up to $37,000 per year and you make after-tax contributions to their super, you could receive a tax offset of up to $540. If they earn more than $37,000 and less than $40,000, you could receive a partial tax offset. Find out more about tax offsets on spouse contributions.

Split your super contribution

You can split up to 85% of your before-tax super contribution with your spouse. This can help their super grow and possibly reduce the tax you’ll pay as well if you make salary sacrifice contributions. The types of contributions you can split include your SG and salary sacrifice. Find out more about splitting your super contributions.

*30% if you earn over $250,000 pa, inclusive of super.

Where to go for more information

You can call us on 131 267 or use our find an adviser tool to locate a financial adviser in your area.

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Our retirement simulator can help you work out what your annual retirement income may be and how long your money may last. 

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Important information

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It’s important to consider your particular circumstances and read the relevant product disclosure statement before deciding what’s right for you. This information hasn’t taken your circumstances into account. 

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.