Add to your super by 27 June to make the 30 June 2023 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.
Top up your super in Member Online in just a few minutes. Make your contribution today.
Grow your super through extra contributions. A bit extra now could add up to a lot more later.
Top up your super and complete your ‘Notice of Intent to claim a tax deduction’ form online in a few minutes.
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 via direct debit or BPAY®. And, it’s easy to claim your tax deduction online. See how below:
Watch our short video on how to make a direct debit 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.
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 before you lodge your tax return for that year and within a year of the end of the financial year in which you made the contribution.
[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.
Watch this short video to show you how to add a bank account to your Member Online, so you can make a direct debit contribution.
[00:00:00] Adding your bank account to your Aware Member Online account makes it easy to make your own super contributions.
[00:00:07] Before you get started, there are some things you'll need to have handy. The mobile phone you've registered to your Aware Super account and two forms of Australian ID.
[00:00:18] Start by logging into your Member Online account and go to the Profile tab. From the dropdown menu select Bank account details.
[00:00:26] To add a new account, click the plus button at the top right of the screen. Enter your name, BSB number and account number. Click Save Details. You then need to review your details and it's worth double checking that these are correct. When you're ready to proceed, tick the confirmation box and click Submit bank details.
[00:00:49] For your security will need to verify your ID. We need two forms of Australian identification from the list of options presented on screen. Select the first form of ID you want to submit. Add your details, check the consent box, then click Verify the details.
[00:01:09] Select a second form of ID and add your details. Click consent and then Verify the details. Click Continue.
[00:01:20] Next, we will send a one time pin to your mobile phone. Enter the PIN number and click Next to confirm.
[00:01:27] Once both your IDs are confirmed, your bank account will be automatically saved and details securely stored.
Aware Super mobile app
Log in to your Aware Super mobile app
Your contribution will take up to 3 business days to process.
If you don’t have the app you can download it for free from the Apple Store or on Google Play.
BPAY via Member Online
Log in to your Aware Super account to find your BPAY biller code and Customer Reference Number (CRN)
To claim a tax deduction for personal contributions made from your take home pay, you must complete a Notice of intent to claim a tax deduction for personal contributions form and send it to us. It’s quick and easy to process this in Member Online, and it saves you completing paperwork.
You should do this before you lodge your tax return for that year and before the end of the financial year following the year you made the contribution.
When you make your contribution, it will be initially treated as an after-tax contribution. Once we receive your Notice of intent, it will become a before-tax contribution, and so can be deducted from your taxable income when you do your tax return. We will deduct the 15% contributions tax that applies. You will receive a letter from us acknowledging that this has taken place. You must receive this acknowledgement before you can claim the deduction on your tax return.
If you’re less than 67 years of age, you can claim a deduction for personal contributions regardless of your work situation. But if you’re aged between 67 and 75, you’ll need to meet the work test or work test exemption criteria before you can make a personal contribution.
To pass the work test you must have been gainfully employed for at least 40 hours within 30 consecutive days during the financial year in which you make the contributions (or during the previous financial year, under the once-off work test exemption available to individuals with a total super balance under $300,000 at the end of the previous financial year).
There are limits on how much you can pay into your super fund each financial year. These limits are called 'contribution caps'. There are separate limits for personal after-tax contributions, and for before-tax contributions - these are referred to as the “non-concessional contributions cap” and the “concessional contributions cap”.
If you have more than one super fund, all your contributions are added up and count towards your caps. If you go over these caps, you may need to pay extra tax.
If you have a super balance under $1.7 million, you can make after-tax (non-concessional) contributions of up to $110,000 this year.
There’s a special rule that enables members to ‘bring forward’ up to three years’ worth of contributions. That means you could contribute up to $330,000 in a single financial year.
If you claim a tax deduction for after-tax contributions, they will no longer count towards the non-concessional contributions cap – the concessional contributions cap will apply.
All your before-tax contributions count towards this cap. This includes compulsory contributions made by your employer, salary sacrifice contributions, and after-tax contributions for which a tax deduction is claimed. This cap is $27,500 for 2022-23, though if your total super balance is under $500,000, you may be able to “bring forward” unused cap amounts from previous years. You can find out more at ato.gov.au.
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 $4,000 in her super account at retirement2.
There is a lot of noise about inflation and market volatility right now, so it's natural you have questions, and want to feel more confident about your super and where it’s headed.
You might have questions about how we invest your money? What impact do external factors like inflation have... (or, what even is inflation?) What are my investments doing, and do I need to switch? We want to make understanding market ups and downs - and super - effortlessly simple, so here’s the important bits you need to know.
Damien Webb: Hi, I'm Damien with a quick update on what's happening with the market and what it means for your super. We've seen markets continue to move as investors react to what's in the news. While these financial wobbles can feel unsettling for our members, history tells us to expect them and we always factor these into our investment approach. So let's take a closer look at the reasons behind these market movements and what we're doing about it
No doubt you've noticed the cost of things like food and electricity going up. That's because of inflation, which can hit pockets hard and has been more difficult to control than many economists expected. Central banks like the Reserve Bank of Australia and the US Federal Reserve have lifted interest rates as they try to slow down spending and keep inflation in check. Now the big question... Is it working? Well, there are reassuring signs it is. And if the RBA agrees, it may pause rate rises like it did in early April. But only time will tell if inflation is coming back down.
You might have heard about the collapse of the Silicon Valley Bank of the United States, followed by problems at Credit Suisse, which is a much larger Swiss bank. Regulators and governments quickly stepped in to reassure clients that money was safe and markets have since settled down. To investors it seems a banking crisis has been avoided and many believe that the peak of inflation is over. One of the best ways to see your super through and back on the up is to invest in a variety of quality assets, which is exactly what we do. While it's tempting to focus on your returns as they stand today, super is best understood by taking a step back. As an example, let's look at the last three years of performance of some of our investment options. In the 2021 financial year, we saw extraordinary returns, more than 20% for some options. Last year was more disappointing and challenging markets saw negative returns. For this financial year, which ends on 30 June, our returns have so far been positive for most options. This is a great lesson in the reality of investing.
Over the years your super's invested we expect to see times of performance isn't as strong. Here it helps to see super as a long game. If we look at the last ten years, we see that a high growth option had returns over 9.4% per annum, while our balanced growth pension option, where most of our retirees are invested, had returns of 7.2% per annum.
We're always looking for better ways to grow your super. So we've decided to open an office in London, where I'll be moving with my family to head up our international team. By being closer to the markets in the UK and Europe, we can give you greater access to global opportunities, not easily reached from here in Australia, and we expect these opportunities will help enhance your returns over the long term. Naturally, we'll continue to invest as efficiently as possible so our member fees and costs stay down. And now I'd love to introduce you to Anjana Moran of our property team, a colleague of mine who's can introduce to a really exciting new property investment we've made for the benefit of our members.
Anjana Moran: Thanks, Damien. Hi, I'm Anjana and I help decide which property investments will deliver the best returns for you. Investing in property helps to protect your super by making your portfolio more diverse. Returns and direct property usually come from rental income and from growth in the property's value. Another benefit is that direct property values tend not to move up and down as much as other investments like shares, which can help keep your returns more stable.
We've recently bought a 22% stake in a company called Get Living, a build to rent platform based in the U.K. Built to rent buildings are designed to be rented over the long term rather than sold to individuals. Often they're developed by large investors like us, who then continue to own the building and rent out the apartments. Get Living is the second largest build to rent operator in the UK and currently owns and rents around 4000 homes in six neighbourhoods across London and Manchester. It also has plans for 6500 new developments so it's set to grow strongly over the next few years.
We're really excited about Get Living and as it grows, you should benefit from its growth if you're invested in our core and socially conscious, diversified options. If you want to find out more about how the markets work, you can sign up for a webinar or talk to an advisor. Head to our website to get started.
Everyone's situation is different, and we can't tell you whether you should add to your balance as we haven't considered your financial situation. So, before making additional contributions, you should consider your own personal circumstances and if this is the right thing for you.
1 An additional 15% may apply to your contributions if your combined income and before-tax super contributions is over $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 4.0% p.a. Retirement age is assumed to be 67. Based on SG of 10.5% for 2022-23 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 2022-23 income tax rates. 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 + 3% p.a. between the ages 55-65 (inclusive) and CPI + 3% p.a. from age 65 onwards. CPI is assumed to be 2.5% p.a. Long-term CPI is assumed at 2.5% p.a. Insurance premium is assumed to be the average for members with default insurance arrangements, indexed with AWOTE of 4% 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.
