What if I’m self-employed?
You can make an after-tax contribution, and if you have assessable income, you may also claim some or all of it as a tax deduction, up to your ‘before-tax contribution’ cap (see below). Also, if claiming a tax deduction, then that amount will only be taxed at a 15%* rate. You’ll need to fill in a notice of intent form for us before you submit a tax return.
If you're a low or middle-income earner and 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.
If your total income is equal to or less than $36,813 and you make personal contributions of $1,000 to your super account, you’ll receive the maximum co-contribution of $500.
If your total income is between $36,813 and $51,813 your maximum entitlement will reduce progressively as your income rises.
Note, other eligibility criteria does apply and you will not receive any co-contribution if your income is equal to or greater than the higher income threshold.
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Find out how to make after-tax contributions with BPAY
A salary sacrifice is when you make 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 marginal 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.
Want to help increase your spouse’s superannuation? If your spouse earns up to $40,000 a year and you put in as much as $3,000 into their super, this can get you an 18% tax offset — saving you up to $540 in tax. 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.
*30% if you earn over $250,000 pa.
Important informationShow more
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.