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 to 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.
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.
Get advice for every stage of your lifeNGS Super members have access to qualified, non-commission based financial planners, including over-the-phone limited advice* about your account, at no additional cost. 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.
In addition, 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 case study figures provided are based on a series of assumptions, 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.
* Limited advice covers one or two issues in isolation on topics such as investment selection and contribution levels. It does not take into account the member’s entire financial situation.
1The work test: Required to work at least 40 hours in 30 consecutive days in the financial year.