Making additional contributions to your super can make a big difference to how much you have at retirement.
There are two types of super contributions you can make:
These contributions are made to your super fund before tax is taken out. They include:
These contributions are made to your super fund from your pay after tax has been taken out. If you make extra non-concessional contributions to your super, you could also qualify for an additional co-contribution from the government each year.
To help you decide which type of contribution is right for you, view our webcast or use the Contributions Optimiser Calculator.
Under Australian legislation, you have to pay extra tax if your contributions to your super exceed the current contribution limits.
Itís your responsibility to ensure that you donít exceed these limits, so make sure you use the Contributions tracker to help you keep track of your super contributions. You can also stay up to date with contribution limits so you donít have to pay more tax than you need to.