Grow your super

There are two kinds of contributions to your super: concessional (before tax) and non-concessional (after tax).

Concessional contributions

Your employer makes regular concessional super contributions into your MyLife MySuper account, currently 9.5% of your salary. You can also make contributions called salary sacrifice, from your income, before tax. Your contribution is taxed at a lower rate (up to 15%) which can be a tax effective option, based on your income. 

Small amounts now can make a big difference to your super balance in retirement, and you can claim personal contributions as a tax deduction. The annual cap for concessional contributions is $25,000 p.a. (2017/18 financial year). Ask your employer about starting a salary sacrifice arrangement.

Non-concessional contributions

You can also make regular or one off contributions of your own, from your after tax income. These contributions are not taxed in your super, as tax has already been paid.

You can easily BPAY to your super account using your personal BPAY number. Simply log in to the member secure site MyLIfe Online and click on the Contribution tab, or call us and we can help you. You can also set up an ongoing direct debit with us or ask your employer about starting a direct debit arrangement. Before you make any extra contributions, please consider your current financial commitments.

From 1 July 2017, the non-concessional contributions cap is reduced to $100,000 for members 65 or over but under 75. Members under 65 years of age will have the option of contributing up to $300,000 over a three year period for members depending on their total superannuation balance.