Making after-tax contributions is one way to grow your super.
And because you’ve already paid tax on this money, it’s not taxed again when you claim your super however you will pay tax on any investment earnings.
There are two ways you can grow your super through after-tax contributions:
- contribute a set percentage of your superannuation salary after tax. There's no limit on the percentage you're able to contribute*, as long as it’s a whole percentage (eg 5%, 75%), with the exception of 4.5%.
- make a lump sum payment of a minimum of $50 by BPay. We are unable to accept cheque, money order or cash payments.
All after-tax contributions are credited to your Member Account. You must still be employed to be eligible to make after-tax contributions to your Triple S account.
But wait, there’s more!
- if you contribute 4.5% or more of your superannuation salary after tax, your employer will contribute 10% into your Employer Account .1
- if you earn less than $54,837 in the 2020/21 financial year and make after-tax contributions you could qualify for the Commonwealth Government’s co-contribution.
Why not use our Projection Calculator to see the difference after-tax contributions and the 10% employer contribution can make to your super balance?
Consider getting some professional financial advice to help you make the right decision.
For more information on how to make an after tax contribution visit the Ways to pay web page.
1 You can change your contribution rate at any time and there is no charge for doing so.
* After-tax contributions are capped at $100,000 per annum.