Super is structured as a tax-effective environment for your savings. In most cases, you'll pay less tax on contributions to super than you do on your income. Find out how tax applies to different contributions, earnings and withdrawals.

First things first – your tax file number

When it comes to super and tax, your tax file number (TFN) is key — if we don't have it, you could pay up to 47% tax (including the Medicare levy) on some contributions. You can supply your TFN when you join NGS. Your employer is also required to provide your TFN to your super fund when they make contributions to your account.^

Alternatively, you can let us know your TFN by completing our Providing your tax file number form at any time.

Download form

^ If you haven't provided your TFN to your employer since 1 July 2007, you may need to give them the authority to provide it to your super fund.

Tax on contributions

Before-tax contributions

Before-tax contributions are contributions made from income that hasn't been taxed yet. They’re also known as concessional contributions, and include employer contributions and salary sacrifice. If you claim a tax deduction on personal contributions, they will count as before-tax too. Before-tax contributions are taxed at 15% if you earn under $250,000 per year, and 30% if you earn more.

The need-to-knows

After-tax contributions

These are voluntary contributions you make from your take-home pay (ie money that's been taxed). They’re also known as non-concessional contributions, and include spouse contributions. As long as you keep within the after-tax contribution cap, this money won't be taxed within super.

The need-to-knows

Tax on earnings

Any earnings within an Accumulation or Transition to retirement account are taxed up to 15%. There's no tax on earnings in an Income account

Tax is paid from investment earnings before the unit price is set.

How are unit prices determined?

Tax on withdrawals

Once you're over age 60, there's no tax payable on withdrawals from super. If you're under 60, the tax applicable depends on a few things, like your age, account type, and the type of withdrawal.

Your account balance consists of a taxable and a tax-free component. These components are calculated based on the kinds of contributions you make to super. You can view the breakdown of your components through Member Online.

Withdrawals – under preservation age1

Withdrawals – over preservation age1 but under age 60

First home super saver (FHSS) payments

Departing Australia super payments (DASP)

1Preservation age is the legislated age at which you can access your super. More detail can be found on our Accessing your super in retirement page.
2 This amount is subject to indexation. The low rate cap amount shown is reduced by any amount previously applied to the low rate threshold. 

Tax on death benefits

If you die while a member of NGS, the money you have with us will be distributed depending on your death benefit nomination. In some cases, tax will be payable on this benefit payment.

Payment to a dependant3

Payment to a non-dependant4

Payment to an estate

Remember, death benefit nominations need to be made and maintained by you.

Find out more

3 Dependants for tax purposes include your spouse (including de facto), your former spouse, children under age 18, or a person who is partially or wholly financially dependent on your at the date of your death.
4 Non-dependants for tax purposes generally include children over the age of 18 unless they’re still financially dependent on you at the date of your death.

Fees and costs

As a leading industry super fund we're run only to benefit our members. We offer low fees and provide our members with personalised support, advice and education.

Advice services

As 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

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