If you find yourself with a bit of extra cash, putting it into super could be a great option.

Personal contributions, also known as after-tax or non-concessional contributions, are a way of boosting your super with your take-home pay or personal savings.

Whether you’ve just received an inheritance or a pay rise at work, your extra income could work harder for you in the super system, because your investment earnings are treated a bit differently by the tax office.

Of course, superannuation has much tighter rules around when and how you can access your money, and you need to take that into account before making a contribution. 

To put it in perspective, your investment earnings outside of super can be taxed up to 49%, depending on the ownership and type of investment.

Compare this to the 15% maximum tax rate you’ll pay in super investment earnings, and it starts to make sense.

Making a contribution is no different to paying a bill or transferring money – we accept payments by BPAY®, EFT and direct debit, so you can do it in less than a few minutes.

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Are personal contributions right for you?

Before adding to your super with your own money, consider:        

  • What are your broader financial goals?
  • How much do you realistically need today, and how much can you afford to put away?

If you’re not going to access your super for several decades but you’re looking to buy a house soon, personal contributions may not necessarily be the right option for you.

But bear in mind the earlier in life you start contributing to super, the more it will be worth in years to come. Through the principle of compounding interest, when you start putting money into super is actually more important than how much you deposit.

Consider other ways of boosting your retirement savings, such as optimising your investments with an aggressive long-term strategy, or adding to super through salary sacrifice.

Anyone can make a personal contribution, but once you reach age 65, you’ll need to satisfy a work test to show you are still working 40 hours over a consecutive 30 day period in a financial year to continue making contributions.

How much can I put in?

There are annual caps on how much you can contribute. You can put in up to $180,000 per year in non-concessional contributions, or $540,000 over a three-year period if you are under age 65 as a bring forward option.

Amounts over these caps are known as excess contributions. If you go over the cap, the Australian Taxation Office will give you an opportunity to withdraw the excess amount from your super fund, along with 85% of the investment earnings. Any associated earnings withdrawn will be taxed at your marginal rate of tax.

The government announced in the Budget that from 7.30 pm (AEST) on 3 May 2016, these caps would be replaced with a $500,000 lifetime cap on non-concessional contributions. However, the government scrapped this in September 2016 and replaced it with a new proposal to reduce the current non-concessional contributions cap to $100,000 per year from 1 July 2017. The new proposal allows you to ‘bring-forward’ three years’ worth of the cap if you are under 65.

This proposal has not been legislated and the details given here are from the announcement.

We can’t accept personal contributions without first receiving your tax file number.

The cap applies across all super funds held with your tax file number.

Self-employed contributions

If you’re self-employed you could claim a full tax deduction for personal contributions you make into your account. You must earn less than 10% of your total income from employment as an employee and be under the age of 75.

To claim a tax deduction for your super contributions, complete a Notice of intent to claim a tax deduction for personal contributions form. You should do this before you lodge your tax return for that year. Once you have acknowledgement from us that we’ve received it, you can then claim a tax deduction from the ATO, if eligible.

 

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Ways to pay

This is the quickest and easiest way to make a payment.

You have a unique Customer Reference Number (CRN) depending on the type of contribution you want to make. Please note your CRN changed on 15 August 2016. This means you will need to update your banking records with your new details.

You can find your BPAY biller code and CRN by logging into your account.

Just enter the details into your online or phone banking the same way you would with a utility bill.

Remember, your CRN is a unique number that is different to your membership number. It
helps us identify you and makes sure your money goes into your individual account.

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You can pay by internet or phone banking with the following details:

Bank: Commonwealth Bank of Australia
Account name: First State Super 
BSB: 062 000 
Account No: 10226245
To account description: Use your First State Super member number.

To ensure we are able to correctly identify your payment, you need to send us a completed contributions by EFT form by post, fax or email: cru@pillar.com.au.

View our post and fax details
Did you know you can easily make monthly personal contributions or spouse contributions by direct debit? See our direct debit request form for more details.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

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