Top up your super calculator

After tax

Voluntary contributions

You can boost your super by adding your own personal money into your super fund or your spouses super fund. Since you’ve already paid tax on the money, you won’t pay any additional tax on this type of contribution, as long as you remain under the contributions caps outlined.

Government co-contributions

Did you know that you may be eligible for a 50% co-contribution from the Government?

If you earn less than $54,837 for the 2020-21 financial year, make after tax contributions and meet the criteria outlined, you should be eligible for contributions from the government.

If you earn less than $39,837, the Australian Government will chip in 50 cents towards your super for every $1 extra you contribute to your super with your after-tax dollars, up to a maximum of $500 a year. That’s a 50% return which could make a real difference to your retirement.

Co-contributions are paid on a reducing scale, cutting out at a salary of $54,837.

To receive the contribution you need to be able to answer yes to these eligibility questions;

• Am I eligible for a co-contribution?
  • Will you be aged under 71 on 30 June 2020?
  • Are you a permanent Australian resident and will be throughout the whole 2020-21 year?
  • Will you earn less than $54,837 (this includes your assessable (gross) income, any reportable fringe benefits and salary sacrifice contributions) for 2020-21?
  • Will you lodge a tax return with the ATO for the financial year?
  • Does Prime Super have your Tax File Number (TFN) on record?
  • Is your total superannuation balance less than $1.6 million at the end of 30 June of the previous financial year?
  • Will you make voluntary personal (after-tax) contributions to your super account this financial year without claiming deductions?
  • Will you earn 10% or more of your income from employment or running a business?
  • Have you stayed under your after-tax contribution cap?
• Contribution caps

  There are caps on the amount of after-tax contributions you can make. The cap on after-tax contributions is $100,000. People under age 67 may be able to bring forward three years’ worth of contributions depending on their total superannuation balance, allowing them to contribute up to three times the cap (that is $300,000*) at once or at any time during the three financial years. For more details about contribution caps and types, please read our Member Guide.

  For more information on eligibility criteria and contribution caps, visit the ATO website.

Can I make an after-tax contribution?

• Are you aged under 67, or 67 to 75 and have met a Work Test or Work Test exemption?
• Is your total superannuation balance less than $1.6 million at the end of 30 June of the previous financial year?
• Have you stayed under your after-tax contribution cap of $100,000; or are under age 67 and using the ‘bring-forward’ option?
• Does Prime Super have your Tax File Number (TFN) on record?

Making an extra contribution is easy

Read more about government co-contributions

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Before tax

Salary sacrifice

Did you know that you can ask your employer to pay part of your pre-tax salary into your super? Also known as salary sacrifice, this can be a tax effective way to grow your super if you earn more than $37,000 per year. The benefits include;

• Reducing your taxable income
• Paying lower tax rates on contributions (only 15% tax on contributions into your super account if your income is under $250,000, or 30% if your income is over $250,000)

For the 2020/21 financial year, you can contribute up to $25,000 per year before tax - but this also includes all contributions your employer pays such as your 9.5% super guarantee.

• Know the limits

  There are contribution caps on your before-tax (concessional) super contributions, which include the Super Guarantee contributions your employer makes on your behalf, as well as any salary sacrifice contributions you make to your super.

  The concessional contributions limit is $25,000, regardless of age. If you exceed this limit, your excess contributions will be taxed at your marginal tax rate.

  If you have a total super balance of less than $500,000, you may be able to carry forward any un-used concessional contributions on a five year basis.

  For more details about contribution caps and types, please read our Member Guide.

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