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.
Government co-contribution
If eligible, the government will reward your savings efforts with a co-contribution of up to $500.
Spouse contributions
By boosting your spouse's super balance, you could be eligible for a tax offset of up to $540.
Check your eligibility
Check your eligibility for a government contribution
If you can answer 'yes' to the statements below, you are eligible for a government co-contribution if you make a personal after-tax contribution to your super in the 2020/21 financial year:
Am I eligible?
- My total income this financial year will be no more than $54,837
- 10% or more of my total income for the 2020/21 financial year will come from employment-related activities, carrying on a business, or a combination of both
- I will be less than 71 years old on 30 June 2021.
- I have not and will not hold a temporary resident visa this financial year (New Zealand citizens and holders of prescribed visas are exempt from this requirement)
- I will lodge an income tax return for 2020/21 financial year
- I have a total superannuation balance less than $1.6 million at 30 June 2020.
Please refer to the ‘Important information’ section below for additional requirements, and refer to our fact sheet Let the government top up your super for more details.
Check spouse eligibility for tax offset
If you can answer 'yes' to the statements below, your partner (married or de facto) will be eligible for a tax offset on the ‘spouse contribution’ they make to your super (this is an additional contribution which must be made to your super):
Am I eligible?
- I am under age 67, or, have reached age 67 but am under age 75 and meet the work test1
- Both me and my spouse are Australian residents when the eligible spouse contribution is made
- I am not living separately or apart on a permanent basis when the eligible spouse contribution is made
- The eligible spouse contribution is made direct to my superannuation account (not first to my spouse's fund, then split to my super)
- The contribution must not be made to satisfy a family law obligation.
The offset available is dependent on the receiving spouse’s income. If the receiving spouse’s income is:
- less than $37,000, then the contributing spouse will receive the full offset which is 18% of contribution (up to maximum amount)
- between $37,000 and $40,000 - the offset is reduced for every $1 that the receiving spouse's income is over $37,000
- over $40,000 - there is no offset available.
For more details, refer our fact sheet Make spouse contributions work for you.
Ensure you stay within the after-tax contribution limits
Rules and restrictions apply to how much you can contribute to super with after-tax money. It’s important to be aware of the limits; exceeding the contribution caps could mean paying extra in tax. For full details on the caps applicable, please carefully read our fact sheet Opportunities and limits for super contributions.
Co-contribution calculator
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.
Lodge your tax return
Once you’ve lodged your tax return the ATO will pay any co-contribution that you’re entitled to, directly into your NGS Super account – generally within 60 days. The amount will then appear on your next member statement. When your spouse’s tax return is lodged, the ATO will take the tax offset for any spouse contribution into account when calculating the tax refund.
For more details, check out our fact sheets Let the government top up your super and Make spouse contributions work for you. Or you can call us on 1300 133 177 weekdays, between 8am-8pm (AEST/AEDT).
Get advice for every stage of your life
NGS 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 moreImportant information
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.
NGS Super's Privacy Policy issued by NGS Super Pty Limited ABN 46 003 491 487, AFSL No. 233154 the trustee of NGS Super ABN 73 549 180 515. The information contained on this site is general advice only. It is not intended to be used as a substitute for professional advice and may not be right for you.
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.
