boosting your super balance


There’s never a bad time to think about growing your super. But as we approach the end of another financial year, there are some things to consider if you’re planning to make extra contributions.


Yes, your employer already contributes to your super. But will these payments be enough to build a healthy balance for your retirement?

If you can afford it, you can make extra contributions to your super on top of what your employer already pays.

Regular contributions could make a real difference to your super balance in years to come. See the potential benefits of contributing an extra $30 a week.

You can contribute to your super either before or after tax.

But keep in mind that there are limits to how much you can contribute, and there’s a deadline if you want your contributions to count under this financial year’s contributions cap. Read on to learn more.


Before-tax contributions

Before-tax contributions can also be called concessional contributions or salary sacrificing.

Generally speaking, before-tax contributions suit people on middle to high incomes who can afford to reduce their take-home pay.

The main benefit of before-tax contributions is you may pay less tax because the 15% contributions tax in super might be lower than your marginal tax rate.

There is a limit on the total amount of before-tax contributions that can be made into your super account each financial year.

The concessional contributions cap for everyone, regardless of age, is $27,500 each financial year. This cap includes the contributions made by your employer, as well as any extra contributions you make yourself.

Your cap may be higher if your total super balance is below $500,000 on 30 June 2024 and the contributions made by your employer didn’t reach the full amount in previous financial years.

Learn more about before-tax contributions.


After-tax contributions

After-tax contributions are also known as non-concessional contributions.

This type of contribution may suit members wanting to combine their assets into super as they head towards retirement.

The main benefit of this is once you’re over age 60 and you move assets into super, you may pay lower tax.

Most people can make after-tax contributions. Just remember, the after-tax contributions cap is $110,000 for the 2023-24 financial year.

Learn more about after-tax contributions.


Government co-contributions

If you’re eligible, your super savings could get a $500 boost from the government.

The superannuation co-contribution scheme is a government initiative to help low to middle-income earners boost their super savings.

If you’re a low or middle-income earner (including those who work part-time), you may be eligible for a super contribution from the government - up to $500 per financial year - if you make an after-tax contribution to your super account.

Learn more about government co-contributions.


Are extra super contributions right for everyone?

Before you contribute extra to your super, you should consider your current financial situation and how much additional money you can afford to put away, given you generally won't be able to access the money until you retire.

If you’re not sure, our super advisers can help work out a contribution strategy that's right for you. Make a time to chat now at no extra cost: it's all part of being a HESTA member.

You can also see how much money you’re projected to have in retirement and explore more options to grow your super with Future Planner, a free online tool that helps our members create a better financial future.


end of financial year contributions

To ensure your extra super contributions are counted this financial year, get them in by 25 June 2024*.

* This date is a guide only and is not a guarantee your contribution will be received before the end of the 2023-24 financial year. This is because processing times vary from bank to bank.

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Need some help with your contribution strategy?

Our super advisers can help work out a contribution strategy that's right for you.