Grow your super while you’re working
Here are a range of before-tax and after-tax contribution options that may work for you.
How to grow your super
There are simple ways you can grow your super today, for a better future.
- Consolidating into one account.[C1]
- Add little bits more often through contributions, if you can.[S1]
- Choose the right type of investment for you.
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After-tax contribution benefits |
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More ways to grow your super
Grow your super while you’re working
Here are a range of before-tax and after-tax contribution options that may work for you.
FAQs about growing your super
Start by checking if you have multiple super accounts and consolidate them into one. You can also add extra through salary sacrifice or after-tax contributions. If you’re eligible, the government may add to your super through a co-contribution.
It depends on whether you’ll have other sources of income: super isn’t the only way, and many Australians access the Age Pension. My Retirement Planner™ helps you estimate how much you’ll need to reach your target income.
For some people it may be but how much super you’ll need to retire depends on:
- how long you expect to live in retirement,
- your spending habits,
- whether you’re partnered up, and
- other assets or income sources.
How to determine if $700,000 is enough
- Define your retirement lifestyle – decide what you want your retirement to look like including leisure activities, travel and other spending.
- Calculate your annual expenses – estimate your expected annual expenses including essentials and discretionary spending.
- Use a retirement projection tool – My Retirement Planner™ will help you estimate how much you'll have in retirement, personalised to your specific circumstances such as age, super balance and other assets.
It’s a guide suggesting you can withdraw 4% of your balance each year in retirement without running out of money too soon. But everyone’s situation is different so it’s best to get advice on what withdrawal rate works for you.
These are after-tax contributions you add to your super. They’re not taxed when they go in but count towards a separate annual cap. If you go over the cap, you could be taxed. Learn more about after-tax contributions.
These are contributions you make from your take-home pay or savings, either as one-off payments or regular top-ups. They’re also known as non-concessional or voluntary contributions and can be a good way to grow your balance over time. Find out how to make personal contributions.
There are separate caps for before-tax and after-tax contributions. If you’ve got unused caps from previous years, you might be able to add more using the carry-forward rules. Check your contribution caps.
Before-tax contributions, also called concessional contributions, come from your salary before tax. This includes employer contributions or salary sacrifice, and they’re usually taxed at 15% instead of your usual marginal tax rate. After-tax contributions, or non-concessional contributions, are extra payments made from your take-home pay, and you might be able to claim them as a tax deduction. These two types of contributions are treated differently when it comes to caps and tax.
Yes. Contributing to your spouse’s super can help balance your retirement savings and may provide you with a tax offset. Learn about spouse contributions.
If you earn less than $62,488 and make a personal contribution you may be eligible for a government co-contribution of up to $500. Check your co-contribution eligibility.
Need help?
^ Eligibility criteria applies.
[AD1] Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super.
[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
[C1] Before consolidating, consider if this is right for you, including the loss of any insurance cover from your other funds, the impact on your investments, and potential tax implications and read the PDS and TMD at aware.com.au/pds. You may wish to speak with a qualified financial planner before making this decision.
[S1] Before contributing, consider the current annual contribution limits. Exceeding these limits may reduce any tax benefits you could receive. Visit Grow your super for more information.
[S2] Salary sacrifice will save tax in many but not all circumstances and will cause a reduction in your take home pay.
[S3] Check your eligibility for the government's super co-contribution before acting on this information.