Add to your super by 25 June 2024 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.
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.
Go to 'Make a contribution' and select 'contribute now'
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.
Log in to your Aware Super account to find your BPAY biller code and Customer Reference Number (CRN)
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.
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.
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 total super balance under $1.9 million, as at 30 June 2023, 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 2023-24, though if your total super balance is under $500,000 as at 30 June 2023, you may be able to “carry forward” unused cap amounts from previous years. You can find out more at ato.gov.au.
The concessional and non-concessional contribution caps will increase from 1 July 2024, meaning members can add more into their super.
Scroll table horizontally on mobile
| Contribution Caps | 2023 - 2024 | 2024 - 2025 |
|---|---|---|
| Concessional Contributions Cap | $27,500 | $30,000 |
| Non-Concessional Contributions Cap | $110,000 | $120,000 |
Government Co-Contribution threshold
From 1 July 2024, the government co-contribution income thresholds will be:
The Superannuation Guarantee 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.
Downsizer contributions
This is a type of contribution to super that anyone over the age of 55 can consider after selling your home (note eligibility criteria applies). A couple could contribute up to a maximum of $300K each, but no more than the total sale proceeds.
Spouse contributions
You could claim a tax offset up to $540 when helping boost your partner's super. To receive this 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.
Government co contributions - Get an extra $500 boost from the government
This is where the government will put up to $500 straight in your super if you contribute up to $1,000. To be eligible, you have to be earning less than $43,445.
The Government’s First Home Super Saver (FHSS) scheme is designed to help you save a deposit for your first home faster. You can add to your super by making your own extra voluntary contributions on top of what your employer pays. You can make before-tax contributions like Salary Sacrifice, or personal after-tax contributions.
Using the First Home Super Saver Scheme (FHSSS) you may be eligible to use the super system to grow your deposit faster by saving on tax.
It works by allowing you to make voluntary before-tax contributions into your super which are taxed at 15%, which is generally lower than your income tax rate, which can be as high as 45%, plus the Medicare and other applicable levies. When you’re ready to buy, you can take the money out of your super.
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.
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 cost.3
My Retirement Planner™ helps you maximise your savings to prepare for retirement, whether that’s two or 20 years away.
More than just a calculator, it provides different scenarios and shows how you can reach your retirement goals.
