My own contributions

Starting early and making small contributions to your super can really add up over the long-term! You can make a once off lump sum contribution each year or at anytime or to make it easier on the pocket, you can elect to pay regular automatic monthly contributions just like you may do with your savings account.

Your voluntary contributions are your personal extra contributions, paid out of your after-tax salary and are therefore not taxed when deposited into your super account or if you withdraw your super benefit as cash when you retire.

An annual limit of $150,000 or $450,000 averaged over three years on a ‘bring-forward’ basis applies to all after-tax contributions made to super.

If you are aged between 65 and 75 you can make voluntary contributions up to the $150,000 cap per year, if you meet the work test, but the $450,000 averaged cap does not apply to you. This test requires that you work 40 hours in a continuous 30-day period during the financial year. You can no longer contribute to super once you reach age 75. Contributions that exceed these limits will be taxed at a rate of 46.5%.