It’s time to focus on some resolutions for yourself
A great place to start is getting your super balance looking much healthier. Make a personal contribution via direct debit or BPay today. It’s a great way to invest in your own financial wellbeing.
It’s easy to do online
Top up your super in Member Online in just a few minutes. Make your contribution today.
Boost your super
Grow your super through extra contributions. A bit extra now could add up to a lot more later.
Claim a tax deduction online
Top up your super and complete your ‘Notice of Intent to claim a tax deduction’ form online in a few minutes.
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 via direct debit or BPAY®. And, it’s easy to claim your tax deduction online. See how below:
Making a direct debit contribution
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.
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 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.
How to add a bank account
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.
Other ways to contribute to your super
Aware Super mobile app
Log in to your Aware Super mobile app
- Go to ‘Make a contribution’ and select 'contribute now'
- Enter your contribution amount and select 'confirm'
- Enter your BSB and account details you’d like your contributions to be paid from and select ‘next’
- Review your contribution, then confirm you have read and understood the ‘Super contributions rules and cap rules’ and the ‘Direct Debit Service Agreement’, and press 'contribute'
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)
- Go to Contributions tab
- Select 'BPAY details'
- Select a contribution type and your BPAY details will be presented
- Copy your BPAY biller code and CRN
- Log in to your banking institution, and process your payment via BPAY
How to claim a tax deduction
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).
Understanding contribution limits
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.
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 retirement1.
Our December 2023 Investment Market Update
Join David Goodman, our Lead Economist, as he reflects on market activity and investment performance over 2023 – including the latest news on inflation, interest rates and global conditions.
Hi, I'm David with a short recap on what happened in the economy and investment markets over the past year and how it affected your super. I'll also talk to you about what we might expect in 2024 and how we invest your super when markets are volatile.
Looking back at 2023, there were three big themes dominating markets. Inflation is an increase in the price of goods and services that you buy, like food, petrol and electricity. A little bit of inflation is healthy, but too much is a problem as it means people might not be able to afford the essentials. And it's the same for businesses. When their costs go up, they pass these on to you as higher prices and inflation keeps going up. Rising inflation is exactly what we've experienced this year. It's been too high around the world. So central banks, including our own Reserve Bank of Australia or RBA have been lifting interest rates to try to bring it down. Raising interest rates is central bank's main tool when it comes to controlling inflation. By lifting rates, they aim to slow the economy and this brings inflation down as well. And that's what the RBA and other central banks around the world have done. The RBA has lifted rates from point one of a per cent in May 22nd to end '23 at 4.35%. Higher interest rates around the world have brought inflation down, but not as quickly or by as much as central banks would like. This left investors unsure of how high interest rates would have to go and how quickly central banks would hike, which created ups and downs in markets. Geopolitical tension can cause volatility in markets because it creates investor uncertainty. And this year, the ongoing global conflicts continue to drive some uncertainty and we saw markets react.
The returns you see from your super will depend on your investment option and what it's invested in. This chart shows how different investments have performed over the past 20 years and just how much returns can vary. In the 2022-23 financial year. As an example, global shares delivered some of the better returns while bonds were under pressure as central banks reset market expectations around where interest rates would eventually peak. Basically, by investing in a combination of things, you're more likely to do better over the longer term. Most of our members are invested in one of our diversified investment options, which means they're super invested in a combination of things like shares, bonds, property and cash. Diversification is important because it helps reduce losses if one investment does badly.
We do hear from our members more when they see short term falls in their balances. We understand that short term drops can be unsettling, but they're normal part of investing. The recent annual statement showed strong financial year returns for most of our investment options. Our High Growth super option returned over 10% for the year, and our Conservative Balanced pension option returned over 7%. But if you check your balance frequently, you might have seen some small negative returns and a drop in your super balance since then. This is because investment markets don't move in straight lines and there will always be periods of ups and downs. Remember, it's long term performance that matters most, even if you're retired. For example, this chart shows price movements in international share markets between May last year and now. You can see just how much the market moves up and down in the short term. Between August and October last year, it fell by over 16%. Yet if you stayed invested for ten years, from June 2013 to June this year, you would have experienced compound annual growth of 7.5% and doubled your money.
We always say that no one has a crystal ball in investing. Over 2023, we saw solid economic growth at the beginning of the year, but we've seen things slowing down in the second half of the year. We expect this to continue into 2024 as higher interest rates continue to take effect. Ongoing political tensions and conflicts around the world are also likely to make markets volatile at times, and this could affect short term returns. We also believe that interest rates are likely to be higher for longer. This means that economic growth and returns from some investments like shares might not be as strong as they were when rates were lower. When we invest your super we keep a close eye on current events and market conditions and assess how these could impact future returns. As long term investors, we stick to our proven long term investment strategy. We're confident our diversified quality portfolio will continue to deliver the strong long term returns you need for your retirement. If you'd like to take a closer look at your super to make sure you're on track, we're here to help. Book a super helpful check in to chat to one of our qualified experts. It's all included as part of your Aware Super membership, so there's nothing extra to pay.
Disclaimer
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 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.