Save a little now, benefit a whole lot later
What is it?
Voluntary (member) contributions can be made as after-tax or also known as non-concessional contributions.
How it works
The Government has established limits on the amount of both employer and personal super contributions that can be made during each financial year which receive concessional tax treatment before a higher taxation rate will apply.
General rules applicable to non-concessional (after-tax personal) contributions are:
- The amount of non-concessional contributions for persons under age 65 is capped at $180,000 (indexed) for the 2014/15 financial year. This was $150,000 in the 2013/14 financial year.
- A person may bring forward future entitlements to two years' worth of non-concessional contributions making the maximum three times the non-concessional contribution cap in any one financial year ($540,000 for 2014/15).
- A contribution in excess of the non-concessional cap ($180,000 for 2014/15) will automatically trigger the "bring forward" and will not be subject to further indexation in the next two years
- Contributions in next two financial years will be limited to the difference between the actual contribution made and three times the non-concessional cap ($540,000 for 2014/15)
- If you triggered the bring forward rule in 2013/14 or prior year when the maximum bring forward limit was $450,000 then your limit for the three years is based on that cap and you cannot take advantage of the increased contribution limit of $540,000 introduced in the 2014/15 financial year
- Persons aged 65 to 74 will not be able to bring forward future entitlements and will have a non-concessional limit of $180,000 for 2014/15 (indexed for future years) provided the work test is met in each financial year a non-concessional contribution is made
- lower caps apply for concessional (before-tax) contributions. For more information, please refer to the Salary sacrifice page and our Add $ Calculator on our website.
You may also wish to consider your investment choice to ensure that your superannuation investment reflects your particular needs. For further information on our investment options, please click here.
How to do it
You can make after-tax contributions as a payroll deduction or as a lump sum.
Up to 100% of your after-tax salary can be contributed. This may be arranged as a regular deduction through your employer payroll area. By topping up from your after-tax income you may also be entitled to receive benefit from the Government's superannuation co-contribution. Further information on this benefit can be found on our website (refer to the Let the government top up your super fact sheet) and by using our Add $ calculator.
You can also make a personal lump sum contribution at any time up to age 65 years. If you are aged between 65 and 74 years then you will need to meet an annual work test (i.e. a minimum 40 hours worked during a 30-day consecutive period in the financial year in which the contribution is made). Simply send a cheque, made payable to NGS Super and complete a Lump Sum Contribution Form to deposit funds into your member account.
You can organise to make regular after-tax contributions to your super by contacting your employer payroll area. To do this, click on the button below to complete a payroll deductions eForm and give this to your employer.
If you would like to make a once off Lump sum contribution to your super, please complete a lump sum contribution eForm below and return it to NGS Super.
You may also make lump sum contributions using BPay which can be accessed by logging onto Member Online.
Be aware of the contribution caps that are in place to ensure you do not exceed the yearly maximum contribution amount. Check out our super contributions and limits fact sheet for more information.