Putting a little extra away now could make a world of difference later. Boosting your super is easy and, depending on your eligibility, the government may even match some of your contribution. Check your eligibility below to see how much the government could contribute for you.
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 2022-23 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 $1.7 million on 30 June 2022.
- you will not breach your non-concessional (after-tax) contribution cap for the 2022-23 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.
^ This calculation is made based on a person earning an income of $40K initially and making a contribution of $5 (after-tax) every week throughout the entire financial year into a super account, assuming a 7.82% p.a. return (Diversified (My Super)) as at 30 Jun 2022 and average wage inflation of 2.40% p.a. over 10 years (based on the Wage Price Index of March 2022). 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.
Visit our General Advice Warning.
Past investment performance is not a reliable indicator of future performance.