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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 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 $30,000 for the 2024-25 financial year. This cap includes the contributions made by your employer, as well as any extra concessional contributions you make yourself.
You may be eligible to carry forward unused caps from the previous 5 financial years. You can check if you have unused caps available using the ATO services through your myGov account.
Learn more about before-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 $120,000 for the 2024-25 financial year.
Learn more about after-tax 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.
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.
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Our super advisers can help work out a contribution strategy that's right for you.