Skip to main content

Making extra contributions could save on tax

Super is generally taxed at a lower rate than your regular income. You typically pay 15% tax on money added to your super, and the investment earnings on your super. And, when you’re eligible to start a Retirement Income account, these investment earnings are tax-free!

As retirement draws closer, there’s lots of tax-effective ways you can contribute.

Different ways to contribute to your super:

Bring forward rule

You could use your next two years of non-concessional (after-tax) contribution caps now. This could allow you to contribute significant funds, for example an inheritance or sale of an asset, to super and potentially take advantage of tax benefits.

See how much you could contribute How to make a personal contribution

Catch-up contribution

Missed out contributing to super due to expenses or career breaks? If you’re eligible, the ‘carry forward’ rule allows you to catch up using concessional (before-tax) contributions under the caps from the last five years, and reduce your income tax. 

Learn more Got questions? We’re here to help

Downsizer contribution

Over 55 and selling your home? You can contribute some or all of the proceeds to your super. Keeping this money in a standard bank account instead of super could mean earnings are taxed up to 47% instead of 15%, depending on your salary bracket. 

Find out more How to make a downsizer contribution

Understand your contribution limits

There are limits to the amount of super you can contribute each year. Going over the limit may mean paying extra tax. Find out more.

Other ways to grow your super

Salary sacrifice

You can ask your employer to re-direct some of your take home pay into your super account, reducing your taxable income.

Spouse contribution

Career breaks or a lower income may mean having less super. Help close the gap, with benefits for both of you. 

After tax contributions

There are a few different ways to contribute to super from your take-home pay. And you may be able to claim your contributions as a tax deduction.

Consolidate your super

If you’ve had a few different jobs over time, you may have multiple super accounts, which can mean multiple fees.

Simple advice at no extra cost

Take advantage of simple financial advice over the phone or virtually. Our superannuation advisers can help with questions about your Aware Super account.[AD2] You can call us direct on 1300 192 602 or request a callback at a time that suits you.

Book a callback

[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.

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. For further information see aware.com.au/grow. Salary sacrifice will save tax in many but not all circumstances and will cause a reduction in your take home pay.

This website contains general advice only. We have not taken into consideration any of your objectives, financial situation or needs or any information we hold about you when providing this general advice. Further this website does not contain, and should not be read as containing, any recommendations to you in relation to your product. Before taking any action, you should consider whether the general advice contained in this website is appropriate to you having regard to your circumstances and needs and seek appropriate professional advice if you think you need it. You should also read our Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making a decision about Aware Super. Aware Super financial planning services are provided by Aware Financial Services Australia Limited, ABN 86 003 742 756, AFSL No. 238430, wholly owned by Aware Super. Issued by Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365.