Putting a little extra away now could make a world of difference later. Boosting your retirement savings is easy and, depending on your eligibility, the government may even match a portion of your contribution to super. Check your eligibility below and calculate how much the government could contribute for you.
Why make after-tax contributions?
Boost your balance
The more you put into your super now, the more you'll have to enjoy later in life. Super is often the main source of income for Australians during retirement, so it's worth chipping in extra.
If eligible, the government will reward your savings efforts with a co-contribution of up to $500.
By boosting your spouse's super balance, you could be eligible for a tax offset of up to $540.
Calculate your super co-contribution and spouse contribution tax offset entitlements.
How to get started
It's easy to make either regular or once-off lump sum after-tax contributions to your NGS Super account. Simply choose the contribution method that best suits you:
- use your unique BPAY® reference number found on your Member Online account to contribute via your internet banking
- request for your employer to deduct a regular amount from your take-home pay by completing a Payroll deductions authority form
- attach a cheque to a completed Lump sum contribution form
- have your spouse attach a cheque to a completed Spouse contribution form.
Advice servicesAs a member of NGS, you have access to our dedicated advice services. Our expert advice team can help you make sense of your finances, and guide you to achieving the goals you have, whether big or small. Find out more
NGS must have your tax file number to accept after-tax contributions.
Eligible personal super contributions were or are to be made to your super account during the 2020/21 financial year.
* Your total annual income is assumed to meet the definition of ‘total income’ for the co-contribution eligibility test and income for the spouse tax offset eligibility test, which is the sum of the following with nil allowable business deductions:
- your assessable income for the financial year
- your reportable fringe benefits total for the financial year and
- your total reportable employer super contributions for the financial year.
You must also meet the following conditions:
- you must have had a total superannuation balance less than $1.6m on 30 June 2020
- you will not breach the non-concessional (after-tax) contribution cap ($100,000) for the 2020/21 financial year. Note: you are not entitled to a super co-contribution and your spouse is not entitled to a tax offset in respect of any personal contributions that have been allowed as tax deduction.
^ The amount varies depending on your taxable income and how much extra you can contribute.
These calculations are made based on a person earning an income of $40K initially and making a contribution of $10 (after-tax) every week throughout the entire financial year into a super account, assuming a 7.59%p.a. return (Diversified (My Super)) as at 31/12/2019 and a wage inflation of 2.50%p.a. over 10 years. The figures provided are based on a series of assumptions, including that all contributions can be saved without additional tax or fees, and are general illustrations only. They do not take your personal circumstances into account and are not intended to be a substitute for professional advice.
1 The work test: Required to work at least 40 hours in 30 consecutive days in the financial year.
Visit our General Advice Warning.
Past investment performance is not a reliable indicator of future performance.