How to add to your super online
Topping up your super is just like paying your future self. You can easily set up one-off or recurring personal, after-tax contributions into your super account.
Add to your super by 25 June to make the 30 June 2024 deadline.
Adding money to your super from your take home pay can be a great way to grow your super balance and could reduce your tax.
That’s because if you claim a tax deduction, eligible contributions are taxed at only 15% instead of your income tax rate, which could be as high as 45%1.
Boost your balance
A contribution will boost your balance and could add up to a lot more later on. Plus, you can make every dollar count through compound interest.
Claim a tax deduction online
Fill out an online form in a few minutes to let the ATO know you intend to claim a deduction.
Do it all online
You can boost your balance by 25th June and claim the tax deduction all in one place, Member Online.
Make a contribution
Watch our short video on how to make a contribution through your Member Online account.
[00:00:00] Want to make a contribution to your super? It's as easy as making a bank transfer, here's how. Log into Member Online and go to the Contributions tab.
[00:00:10] From the dropdown menu select Make a contribution. If you haven't added your bank details, you'll be asked to add them now so we can complete the transaction.
[00:00:20] At the top of the contributions page is information on contribution limits. It's a good idea to have a read through before deciding how and what to contribute. When you're ready scroll down the page to find the next step.
[00:00:35] We're choosing once off. Click continue. Enter the amount you want to contribute and click continue. Review the terms and conditions and tick the box confirming you've read them. Click Submit.
[00:00:49] It's easy to track the contribution you've submitted. Go to the Activity tab and select My activities from the dropdown menu. Here you'll find your contribution.
[00:00:59] Click on Show details to see how it's progressing. Allow about three days for processing and you can check back here to track the progress of your contribution.
Complete the tax deduction claim online
You can complete a Notice of Intent form to claim a tax deduction online. It takes just a few minutes in your Member Online account.
You should do this once your contribution has processed and hit your super fund account, not before. You can check the status of your contribution, in Member Online. Go to ‘Activities’ tab and select 'My activities.'
You must process the tax deduction claim online by the earlier of:
- the day you lodge your tax return for the year in which the contributions were made
- the last day of the financial year after the year you made the contributions.
[00:00:00] If you've made a personal super contribution, it's fast and easy to make a personal tax deduction online.
[00:00:06] Log in to Member Online and go to the Activity tab and from the dropdown menu, select My activities. Here you can check the processing of recent personal super contributions that you've made into your account.
[00:00:20] Then navigate to the contributions tab and from the dropdown menu select Personal contribution tax deduction claim. You can choose to make a new tax deduction or change an existing claim. We're choosing to make a new claim for the 2022 to 2023 financial year.
[00:00:40] Next, simply add the amount you've contributed and click Continue. Review the declaration and if you agree, click to tick the confirmation box. Click Continue.
[00:00:52] The last step is to review the details you've entered. If you need to change any details, click Back. If the details are correct, click Submit. Scroll back up to the top of the page to see a confirmation that your request is submitted.
[00:01:09] You can track your tax deduction claim back in the My Activities area. Click on Show details to see how it's progressing.
Think about how much you want to add?
The amount you can add will depend on your personal financial situation. You can look up your remaining concessional contributions through MyGov.
This can help you make a more informed choice.
- Log in to your MyGov account.
- Click ‘Go to Australian Tax Office’ under Linked services.
- If you can’t find it, click ‘View and link services’, then scroll down to Australian Taxation Office and click ‘Link’ and return to the Home page.
- Click select the ‘Super’ menu at the top of the page.
- Then select 'Information' menu item, then select ‘concessional contributions’.
- On this page, you’ll find your Remaining concessional contributions.
- You can view the remaining concessional contributions for the past five financial years.
The benefits of adding to your super
See how topping up her super helps Mary
45-year-old Mary earns $80,000 a year. By topping her super up by an extra $3,000, she saves $585 on tax now. Plus, she’ll have an extra $5,000 in her super account at retirement2.
Tax tips to maximise your money
The new tax year is a good time to think about what your retirement might look like.
[00:00:00] For most people, the only time of year we think about our tax, how much we pay and how much we can save is when completing a tax return. But spending a little time now to learn about some opportunities could make a big difference in your tax outcomes. Super is one of the most tax effective ways to invest. While you're working and contributing into super, you pay only 15% tax on that investment. When you're withdrawing your super, for most there's no tax. Now some tax topics can be complex. So remember it's always good to talk to a financial expert for help and guidance on what you could do. Let's jump right in with what you can do using your super. Before the end of financial year on June 30.
[00:00:45] We may be able to put money into super and claim a tax deduction. If you have spare cash to put into super, here's what you need to know. For most people, these contributions are taxed at only 15% instead of your usual tax rate, which could be as high as 47%. The cap for this financial year is $27,500. It's set to increase on July 1. If you will use all of this year's cap, there's also the Carry Forward rule, which allows you to make use of any unused concessional contributions from previous financial years. The last chance to take advantage of any unused contributions from the 2018-19 financial year is before 30 June this year.
[00:01:30] You could claim a tax offset of up to $540 when helping boost your partner's super. To receive the maximum offset, they need to be earning less than $37,000, and you need to put in $3,000 into their super. You can put in less, but the offset will be less.
With all the contributions we've discussed, there are rules and limits. You can check on our website just to make sure you're eligible.
[00:02:20] Okay, let's talk about an exciting change in the new financial year. The tax cuts we've heard about recently start on the 1st of July, increasing the take home pay for most Australians. If you're in a position to do so, you could consider putting some into super, and here's why and how it could work. These tax cuts are just like getting a pay rise. You could put some of it into super via salary sacrifice and keep some to boost your income. The earlier you start, the bigger the benefit. If you want to explore more, go to our website for useful resources that can help you see the positive impact extra contributions make to your financial future. Whether retirement is in 1 or 10 years, the new tax year is a good time to think about what retirement might look like. These are just some of the strategies that could be used. Seeing a financial planner ensures you aren't missing out on any smart ways to make the most of your money. They can also help you feel confident and optimistic about your future.
Where can I get super helpful advice?
We offer a range of help and guidance, from getting the most from your super to supporting your wellbeing. And because we’re run for our members, most of this support is available at no extra cost3.
Changes from 1 July 2024 for 2024 / 25 Financial Year
Take a look at some of the changes that affect your super.
An increase in the concessional and non-concessional contribution caps will increase from 1 July 2024, meaning members can add more into their super.
Concessional contributions
The concessional contribution cap increases in increments of $2,500. From 1 July 2024, the concessional contributions cap is $30,000.
Non-concessional contributions
The non-concessional contribution cap is increasing. From 1 July 2024, the non-concessional contributions cap is generally increasing to $120,000.
From 1 July 2024, the government co-contribution income thresholds will be:
- Low income threshold: $45,400
- High income threshold: $60,400
The Superannuation Guarantee (SG) contribution rate will increase which means more in your super
The superannuation guarantee rate will increase from 11% to 11.5% from 1 July 2024.
Most Australians will enjoy income tax cuts that will increase their take home pay.
It’s possible that you could salary sacrifice a bit extra each month, which could make a big difference to your super further down the track.
Disclaimer
1 An additional 15% may apply to your contributions if your combined income and concessional contributions is more than $250,000.
2 Retirement balances are rounded to the nearest $1,000 and are stated in today's dollars, deflated using Average Weekly Ordinary Time Earnings (AWOTE) at 3.5% p.a. Retirement age is assumed to be 67. Projected Retirement Balances are rounded to the nearest $1000. Based on SG of 11.0% for 2023/2024, and then increasing each financial year by 0.5% until it reaches 12% on 1 July 2025 (where it will remain at 12%). Based on 2023/24 income tax rates for the PDC and 2024/2025 income tax rates for the remainder of the contribution. Investment returns are based on the Aware Super MySuper Lifecycle option, assumed to be CPI + 4% p.a. until age 55, reducing from CPI + 4% p.a. to CPI + 2.75% p.a. between the ages 55-65 (inclusive) and CPI + 2.75% p.a. from age 65 onwards. Insurance premium is assumed to be the average for members with default insurance arrangements, indexed with AWOTE of 3.5% p.a. This example is for illustrative purposes only and is not intended to provide a forecast or guarantee on outcome. It is a broad illustration of the steps a member could take, but the actions appropriate for an individual will vary depending on their personal circumstances. The case study is based on current regulatory requirements and laws, including tax rates, which may be subject to change. Investment return assumptions are for illustrative purposes only and for simplicity assume an CPI plus investment objectives as the return each year throughout the investment period. Actual returns year on year may vary materially and could be negative. If investment returns/inflation are higher/lower, final balances will differ.
3 Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
General advice only. Consider your personal objectives, financial situation and needs, which have not been accounted for, and the PDS and TMD at Forms and documents before acting. Before contributing, consider the relevant superannuation thresholds including the current annual limit for all before-tax contributions and after-tax contributions. Exceeding any of these thresholds, may reduce any tax benefits you could receive.