You may be able to make several types of voluntary contributions to superannuation. If you're working and earning over $450 a month, your employer will be paying Superannuation Guarantee (SG) contributions on your behalf. For accumulation account holders, this generally amounts to 9% per annum of your salary (including reportable fringe benefits), unless your employer has agreed to pay a higher contribution for you. There are other types of contributions you may choose to make.
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Salary sacrifice
Salary sacrificing can help boost your super. This is where you re-direct some of your before tax salary into your superannuation account. Not only do the extra payments boost your super, but this option might also give you a tax saving as these amounts are taxed at the contribution rate of 15%. Your employer must agree to pay salary sacrifice contributions on your behalf. You can find all the details in Fact Sheet #1 – Salary Sacrifice – how it works.
To make salary sacrifice contributions, you should contact the Human Resources or Payroll office where you work.
After-tax contributions
You can make after-tax contributions out of your take home pay or from your savings. The easiest and quickest way to do this is online by logging into the members' area of our website. If you use the online facility, you can remit your payment using BPAY. You will find complete instructions and obtain the necessary BPAY information on the Contributions page of the members' website. Alternatively, you can complete a Voluntary Contribution form and lodge it with a cheque payment.
One of the advantages of paying after-tax contributions into super is you may be eligible to receive a Government co-contribution. You can obtain more information about how the Government co-contribution works and eligibility for it in our Fact Sheet #12 - Government co-contribution.
Rolling over
Rolling over or combining your accounts may save you time and money. It can save you time as it’s easier to keep track of you super, and it might save you money because you will only pay one lot of management fees. For more information on how you can roll your money over and any benefits, view Fact Sheet #10 – Rolling your money into Equipsuper.
To arrange rolling money into Equipsuper, you should complete an Equipsuper Rollover Authority form.
Spouse contributions
Making spouse contributions is when you make contributions into your spouse’s superannuation account. This option helps to boost the spouse’s superannuation account and may also allow the contributor to claim a tax offset if the spouse earns less than $13,800 a year and meets other criteria. Fact Sheet #13 – Spouse contributions has more information.
To make a spouse contribution into an Equipsuper account, you should use the Equipsuper Spouse Contributions form.
This website is for general information only. It has been prepared without taking into account your personal objectives, financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should also seek professional financial advice. Where tax information is included you should consider obtaining personal taxation advice. If you are considering investing in the Equipsuper Superannuation Fund, you should read the appropriate Equipsuper Product Disclosure Statement (PDS) before making an investment decision. Neither Equipsuper, nor any employees or directors of Equipsuper, guarantee the repayment of capital or the performance of the Fund. Past performance is not an indication of future performance.
