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After-tax contributions, or non-concessional contributions, are the amounts you choose to contribute to your superannuation account from your after-tax income or other sources of taxed money, e.g. from the sale of investments such as shares, property or an inheritance.
Build your superannuation now by making voluntary after-tax contributions early. You can choose to make a one-off lump sum payment or set it up so that it happens on a regular basis.
'After-tax contributions' refers to the money that you've already paid tax on and it won't be taxed again when you claim your super. However, your future investment earnings will be taxed in your superannuation account.
All after-tax contributions are credited to your member account, which you can view in your transaction history at members' online.
Making after-tax contributions also means you may be eligible for a bonus contribution from the Government. Check to see if you qualify for a Government co-contribution.
By making contributions into your account over the course of a lifetime, there is potential to significantly grow your nest egg. By putting away an extra $20, $50, or $100 on a regular basis, you can allow yourself to live a comfortable retirement filled with travel, entertainment, and leisurely activities.
The alternative to not having enough when you retire and running the risk of depleting your account at a rate faster than you anticipated, is having to rely on the Age Pension.
We highly encourage our members to plan ahead to achieve the best results for their superannuation and pension accounts. Use our benefit projection calculator and enter your income details to see how much you can contribute and how much you could be saving!
You may be faced with several options if you come across a large sum of funds and would like advice on how to invest it. Here are a few situations which may be applicable to you:
It can be a good idea to make after-tax contributions because:
It may be a good idea to make regular contributions to your super early on in your career in order to benefit from compound returns. If you start to be engaged with your super at a young age, it is more likely that you will maximise your retirement savings over the course of your career.
Compound returns is when you take the returns and add it to the total, and then include the returns for the new total and continue to roll the returns into the principal amount.
[The use of a figure of 10% is for illustrative purposes only]
The effects of compound returns mean that small decisions from the start of your career will have a significant impact on the level of retirement savings you accumulate.
To learn more about the power of compounding, and how starting early can make a significant difference to your retirement savings balance, review the following case studies:
Tiffany and Michelle, where Tiffany commences additional contributions at age 25, whereas Michelle defers contributions until age 45 and while contributing significantly more, doesn't reach Tiffany's balance.
Julie and Sandro, where Julie starts contributing an additional $200 per month from age 35. Sandro defers additional contributions until age 45, and although he then contributes $600 per month, doesn't reach the same balance as Julie.
For more information on changes to the Federal Budget 2016-2017, please take a look at our latest news.
Put a little bit away regularly to build for a better retirement.
The path to a more comfortable future starts now! It all begins with making contributions to your superannuation account when you're young and growing your investment through compound investment returns over the long term. Whether you've just recently come across a sum of money, received a pay rise at work, or have budgeted your finances to allow room to save more every week - a little bit goes a long way and it all begins now!
Grow your super by making personal payments straight into your account. You can choose to make a one-off lump sum payment, or make an arrangement with your payroll office where a small amount is deducted from your pay cheque on a regular basis.
Making an after-tax (non-concessional) contribution is no different to paying a bill or transferring money via BPAY®:
To find out your account number, login to Members online or call us on 1300 658 776. Employers also need to forward (by email: email@example.com) a contribution remittance advice to the Fund so we can correctly allocate contributions to member accounts.
Refer to our page on How to contribute to superannuation for more details and other contribution payment methods.
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