Did you know you can top up your super at any time? We call this ‘after-tax contributions’. They’re
also sometimes known as non-concessional contributions, voluntary contributions or personal super
After-tax contributions are a SUPER great, SUPER easy way to invest any extra money into your
retirement, whether it’s from a pay rise, a bonus, or a gift.
By putting in regular, small voluntary contributions, you can give a boost to your super balance,
without hurting your financial goals.
What type of payments can you make?
Regular voluntary contributions at an interval that works for you.
A one-off payment to suit your financial situation.
What’s the benefit of making after-tax contributions?
Even the smallest extra payments can make a huge difference to your retirement. And adding
twenty dollars here and there can be much easier than finding large amounts of cash.
The best part is, your after-tax contributions will keep earning you more money through compound
interest, which if you don’t know already, is where you earn interest on top of interest.
Just so you know, if your yearly before-tax income is less than $57,016, you could be eligible
for a government co-contribution on top of your voluntary contribution. Basically, for every
dollar you contribute, the government could give you up to 50 cents, up to a maximum of $500.
Once you’ve lodged your tax return, this money goes straight into your super account.
Speaking of tax, you might also be able to claim a tax deduction on your after-tax contributions.
That means more cash at tax time! More on this later.
Pretty cool, hey?
This all sounds good, but how do you make after-tax contributions?
Look, we want to make this as easy as possible. The SUPER simple way to contribute to your super
is with BPAY or by direct debit.
Get your details by logging into your super account, then head to your bank account to set up
one-off payments or regular contributions.
Just so that you know, there's also a limit on how much you can add to your super through
after-tax contributions each financial year, before additional tax applies.
We’ve explained contribution caps in more detail here.
These contributions might mean something a little different to you.
If you want to save for your retirement (and we recommend that you do, you’ll thank yourself
later!) you can add to your super through after-tax contributions, and claim it back through
your tax return. This will work out the same as before-tax contributions.
Why? Well, before-tax super contributions are taxed at 15%, so you may save tax depending on your
How to claim a tax deduction on personal contributions
We’ve already mentioned that you could save on tax by making after-tax contributions. Here’s how:
When you file your tax return with the ATO, you could claim a tax deduction for your personal
Step 1: Before you complete your tax return, complete a
Notice of Intent Form and send to us by email. Or you can call us on 1300 361 477 and we can arrange it over the phone.
Step 2: Wait for a letter of confirmation from GuildSuper (you’ll need this for your tax return).
Step 3: Complete your tax return. You can do your tax return through MyGov or your accountant.
It works like this: The tax deduction reduces your taxable income, meaning you could pay less
tax. The contributions you added will then be taxed at the 15% concessional contributions rate,
which is generally less than most people’s income tax rate.