WHAT IS IT?
Voluntary (member) contributions can be made as:
- after-tax (also known as non-concessional) contributions, or
- before-tax (also known as concessional) contributions.
HOW IT WORKS
The Government has established limits on the amount of both after-tax and before-tax super contributions that can be made during each financial year. It's important to be aware of these limits so that contributions aren't taxed at a higher rate.
Download our Opportunities and limits for super contributions fact sheet for more information.
GENERAL RULES APPLICABLE TO NON-CONCESSIONAL (AFTER-TAX PERSONAL) CONTRIBUTIONS ARE:
After tax contributions
- are made from money after PAYG tax has been taken out of your pay.
- can be made regularly from your after-tax pay or by setting up a regular contribution through your bank account using BPAY®.
- will only be accepted by us if you have provided us with your Tax File Number (TFN).
- must be preserved until you have met a condition of release.
- are not taxed when paid into your account with us or withdrawn. However, you may need to pay tax on any earnings from these contributions. This will depend on when your benefit is paid and if you are under age 60 at the time.
There are limits on the amount of after-tax contributions you can make each year and who can make contributions. We can accept these contributions if
- you’re aged 65 and under. If you’re aged 65–74, we can accept these contributions provided you remain gainfully employed. We cannot accept these contributions if you’re 75 or over.
- your super balance as at 30 June is less than $1.6m
The rules for contributing after-tax money to your super balance include:
- if your super balance as at 30 June the previous year is greater than $1.6m, you will not be eligible to make after-tax contributions
- the limit is $100,000 per annum for 2017/2018
- if you are under the age of 65 you may be able to take advantage of the 3-year bring forward rule and make after-tax contributions up to three times the annual cap over a three-year period
Download our Opportunities and limits for super contributions fact sheet for more detailed information.
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.
By making after-tax contributions you may also be entitled to receive the Government's superannuation co-contribution. Further information on this benefit can be found in our Let the government top up your super fact sheet.
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).
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 form and give this to your employer.
If you would prefer to make a contribution by cheque, please complete a lump sum contribution form 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 Opportunities and Limits for Super Contributions fact sheet for more information.