There are various ways you can contribute to your super. The three most common types of contributions are before-tax contributions (concessional contributions), after-tax contributions (non-concessional contributions) and super co-contributions.
Concessional contributions are sometimes called ‘before-tax contributions’. These are made into your super from your salary before you have paid tax.
- Compulsory super guarantee (SG) made by your employer
- Salary sacrifice contributions (if you choose)
- Employer matching contributions (if applicable)
- Any personal contributions for which you notify the Trustee of your intention to claim as an income tax deduction
Non-concessional contributions are sometimes called ‘after-tax contributions’. These are generally voluntary and can include contributions made by:
- members from after-tax income
- a spouse
If you are a low or middle income earner and make personal (after tax) contributions into your super fund, you could be eligible to receive a ‘bonus’ contribution up to $500 from the Australian Government.
The amount you may receive depends on your income, your account balance in all your super funds (only applicable from 1 July 2017) and how much you contirbute across all of your super accounts. You cannot contribute in excess of your non-concessional contribution cap if you wish to receieve the co-contribution. For additional information on the governement caps refer to the section on our website called Government co-contributions.
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