Voluntary contributions
If you rely solely on your employer's 9% contributions, you may
not have enough money to fund the lifestyle you want when you
retire. But don't despair - you can make extra payments into your
superannuation whenever you like. A little bit now could mean a lot
more for your future!
Voluntary payments are payments you make into your
superannuation from your after-tax income, which means they're not
taxed again when they go into your account or if you withdraw
them as cash when you retire.
How do I make voluntary payments?
You can make voluntary payments in a number of ways:
- Direct debit. The amount you nominate (minimum
of $20) is debited from your bank account each month and deposited
into your Intrust Super account. To set up a direct debit, complete
a Member
Direct Debit Request Form and send it back to us.
- Payroll deduction. Your contribution is
deducted straight from your pay and credited to your Intrust Super
account. Check with your employer if you can set up a payroll
deduction.
- BPay. Your biller code and reference numbers
are on the front of your Intrust Super member card and on your
annual statement. You can also call us on 132 467 and we can give
you these codes.
How much can I contribute?
An annual limit of $150,000 applies to all after-tax
contributions made to superannuation. This includes voluntary
payments and spouse contributions. Contributions that exceed these
limits will be taxed at 46.5%.
If you're under age 65, you may also be able to make after-tax
contributions of up to three times the limit over a three-year
period under the 'bring-forward' rule. This means that you can
contribute up to $450,000 in one financial year, but then nothing
for the next two financial years.
If you're aged between 65 and 75, you can make voluntary
contributions up to $150,000 per year if you meet the work test,
but the 'bring-forward' rule does not apply to you. The work test
requires that you work 40 hours in a continuous 30-day period
during the financial year.
Once you reach age 75, you can no longer contribute to
superannuation.
Visit the ATO's website
for more information about contribution caps.