Grow your super

Smart strategies to maximise your super balance, and make the most of your financial future

Get your super together

When you have super in an account that you're not adding to, it can be eroded by fees. You may also have lost track of your super when moving house, changing jobs, or if you changed your name. If you have any lost super we can help you find it.

There are several ways to get your super together:

Through MyLife Online
Download the Request to consolidate your super form and mail it to us
Call us on 1300 695 433

Everyone's situation is different and you should check if there are any insurance implications and exit fees from other funds before you transfer your super. We can help you with this so please give us a call.

Request a call

Types of Contributions

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

Concessional contributions

Your employer makes regular super contributions into your MyLife MySuper account, currently 10% of your salary (increasing to 10.5% on 1 July 2022). You can also make additional concessional contributions called salary sacrifice, from your before-tax income. Your contributions are taxed at a lower rate (up to 15%) which can be a tax effective option, depending on your income.

Small amounts now can make a big difference to your super balance in retirement. The annual cap for concessional contributions is $27,500 p.a. (2021/22 financial year). If you have multiple super accounts, all concessional contributions made in all accounts count towards the $27.500 p.a. cap. Ask your employer about starting a salary sacrifice arrangement.

You can also claim personal after-tax (non-concessional) contributions as a tax deduction, but they will count towards the concessional contribution cap of $27,500. See below for further information about this.

Non-concessional contributions

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

You can easily pay into your super account using BPAY. For your personal BPAY details, simply log in to the secure MyLife Online member site 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.

The annual non-concessional contributions cap is $110,000 (2021/22 financial year). Members under 67 years of age will have the option of contributing up to $330,000 over a three-year period depending on their total superannuation balance. Members aged 67 or over but under 75 may be eligible to make non-concessional contributions, but the cap is $110,000, with no bring-forward arrangement.

Non-concessional contributions may be changed to concessional by claiming them as a tax deduction. Please read below for details on how you can do this.

Your BPAY details

Log in to MyLife Online
Click on the green profile icon at the top of the screen
Select Personal Details from the drop-down menu
Scroll down to the BPAY: Telephone and Internet Banking Deposits section.

Claiming your after-tax contribution as a tax deduction

If you make personal after-tax contributions, you have the option to request they are treated as concessional contributions and they will count towards your $27,500 p.a. concessional cap. If you are self-employed or are unable to salary sacrifice with your employer, this might be helpful.

By requesting any personal after-tax contributions to be treated as concessional contributions, you may be able to claim the contribution as a tax deduction.
If you would like to claim a tax deduction for any non-concessional contributions made into your super, please download and return the Notice of intent to claim a tax deduction for super contributions form to us before whichever of the following occurs first:

the day you lodge your income tax return for the financial year the contributions were made, or
the end of the financial year after the financial year in which you made the contributions

Please download the above form for more information.

After your form is submitted, we’ll send you a confirmation letter for tax purposes. However, if you don’t submit the above form, your after-tax contribution will remain as a non-concessional contribution and count towards your non-concessional annual limit ($110,000 p.a.).

Warning: If you’ve made a non-concessional contribution into your super and you will be claiming it as a tax deduction, you need to lodge the claim before you move your super money into a pension.

If we receive your Notice of intent to claim a tax deduction form after your pension is set up - and an income stream has commenced based on whole or part of the contribution - the form will not be valid and you will not be eligible to claim it as a tax deduction.

Exceeding the concessional contributions cap means you may not be eligible for any tax benefits.

Things to consider

The “best” contribution for you will depend on your individual circumstances, such as your tax situation, income and age. You cannot withdraw contributions made into your super until you reach age 65, or if you retire and reach your preservation age.

Get help if you need it

We can provide you with information and advice to help you make the most of your contributions.

Other ways to contribute

There are other ways of building your super wealth and every little bit helps towards planning the future lifestyle you want.

Government co-contributions

Government co-contributions help eligible members boost their retirement savings. The amount of government co-contribution you may receive depends on your income and how much you contribute. If you make personal (after-tax) contributions to your super, the government can make a contribution (called a co-contribution) up to a maximum amount of $500.

Spouse contributions

If your partner is earning a low income or taking time off work to care for family, there are ways you can help your partner’s super balance continue to grow by:

making a Spouse Contribution to their super account
arranging for Contribution Splitting (also known as Super Splitting)