Give your super a boost before the end of the financial year

Don’t forget to think about your super too—now is a great time to give your retirement savings a boost and set yourself up for a financially secure future.  

Make the most of your before-tax contributions cap

You could consider making before-tax (concessional) contributions up to the cap of $27,500, meaning your contributions will be taxed at the concessional rate of 15% (if your combined income and contributions are greater than $250,000—the concessional rate is 30% on those contributions that exceed $250,000).

Be careful not to exceed your before-tax contribution cap, because doing so can incur additional taxes. You can monitor your contributions and caps by logging in to your Member Online account.

Carry forward before-tax contributions

The government allows you to ‘catch up’ on contributions by allowing you to use the unused portions of your before-tax contributions cap in the previous five-year period (starting from FY19/20). To be eligible to carry forward before-tax contributions, you must:

• have a total super balance of less than $500,000 across all your super accounts (including those held with other super funds) as at 30 June of the previous financial year
• have contributed less than the before-tax contributions cap in one or more the previous five financial years (starting from FY19/20).

Visit the ATO website for more information about these rules.

Consider making after-tax contributions

Earned a bonus or pay rise? You could consider making an after-tax (non-concessional) contribution to put some of this money into super—either as a one-off or recurring payment up to the cap of $110,000.

Every little bit counts—after-tax contributions can earn money over time through compound interest.

Government co-contribution

We could all do with some extra money. If you make an after-tax contribution in the financial year, you could be eligible for the government co-contribution. If you’re earning less than $57,016 in this financial year and meet other eligibility criteria, the government will pay up to 50 cents for every dollar you add to your super in a financial year, up to $500.

You need to make sure we have your TFN, otherwise we can’t accept your government co-contribution.

Learn more about government co-contribution eligibility criteria

UniSuper Advice is a multi-award winner

Everyone’s circumstances are different. Before deciding whether making extra contributions is right for you, consider talking to UniSuper’s award-winning advice team.

Our super consultants can provide information and general advice across a range of topics at no extra cost, whether you’re a UniSuper member or not. Book an appointment in-person, on campus, via video or over the phone, or call 1800 823 842. 

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