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Find out how our members have inspired new initiatives at Russell SuperSolution
- Superannuation
- Your one SuperSolution for life, built on world class investments.
- Self Managed Super
- Bolster your portfolio with unique investment options
- Retirement
- Financial flexibility, into and throughout retirement.
- Fund investors
- Innovative strategies, traditionally reserved for the world's largest investors
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- About Russell
- We work to improve financial security of investors just like you.
Member's voice
You've got questions – Alysha's got answers!
Have you ever wondered who you're chatting with when you call the Russell Helpline? You might speak to Alysha Goddard, who has over 12 years of experience working with superannuation. Alysha understands all the ins and outs of superannuation legislative requirements and has been helping Russell SuperSolution clients with their super queries via our Helpline for the past 2 years.
What is the difference between concessional and non-concessional contributions?
The main difference is where your contribution comes from - your net or gross salary.
You are making a concessional contribution when you make a contribution from your salary BEFORE income tax has been calculated. Examples include employer contributions and salary sacrifice. On the other hand, a non-concessional contribution is made from your salary AFTER tax has been taken out, or from another after tax source like your bank account.
How much can I put in?
The amount you can contribute will depend on how old you are as at the end of financial year. For example, if you are over 65 years old, your non-concessional contribution limit is $150,000. However, if you're under 65, you can contribute up to $450,000 under the 'bring forward' provision.
Don't forget to keep track of your contributions on a regular basis. If you exceed your limit on either concessional or non-concessional contributions, you will have to pay the highest marginal rate on the excess contributions.
What do I need to do?
If you would like to set up a salary sacrifice plan, please contact your employer's HR or payroll department. Note: You may contribute up to $25,000 in concessional contributions per financial year. Or if you are aged 50 or over, a limit of $50,000 applies to you until the 2011/2012 financial year*. Remember that your employer's contributions also count towards this limit. If you're a defined benefit member, a notional amount is calculated for you. You can keep track of your concessional contributions by logging in to your account.
* The $50,000 limit for people over 50 may be extended beyond 2011/12 for members with a total balance of under $500,000 in super.
Help, I need somebody!
Our Helpline staff members are always ready to answer your super questions. Members are welcome to call us from 9am-5pm (AEST) on 1800 555 667.
