Top up your super! To ensure you have as much as possible when you retire, you can consider making personal contributions.

An 'after tax' contribution, also referred to as Personal or Voluntary or Member contributions, is money deposited into your super account by you, after your income tax has been deducted and no tax deduction has been claimed.

These contributions do not attract contribution taxes, and earnings are taxed at a maximum rate of 15%. They are recorded in your super account as 'tax free' contributions. When these tax free contributions are withdrawn, no tax is payable on the contributions themselves (though tax may be payable on any earnings).

These contributions, together with your assessable income as set out in your income tax return are used to determine the Super Co-contribution for which you may be eligible.

Personal contributions can only be accepted if you have supplied Catholic Super with your Tax File Number.

Contribution Caps

For personal and spouse contributions:

• Anyone over the age of 65 can invest up to $150,000 pa into superannuation (subject to meeting a work test) and
• Anyone under the age of 65 can invest up to $150,000 per year into superannuation (but can apply under the ‘three-year rule’ to invest up to $450,000 in one year) *

* Three-year rule - up to $450,000 can be contributed in one year by using the ‘bring forward’ rule. This means an individual chooses to forego making personal contributions for the following 2 financial years after making their original contribution.
(ie $150,000 for year 1 + $150,000 for year 2 + $150,000 for year 3 = $450,000).

What if I exceed my contributions cap?

No tax is paid on personal (after tax) contributions paid into a super fund, up to your applicable after tax contributions cap (advised above). Contributions over the cap will be taxed at the highest marginal tax rate of 46.5% (including the Medicare levy).

How do I make after-tax contributions?

There are four easy ways for you to top up your super with after tax contributions:

1. BPAY^® - No forms to fill out – you just transfer your contribution directly into your Catholic Super account using phone or internet banking. All you need are the following details:
   
   
   • Our Biller code
   • Your unique BPAY Reference number
     if you have registered for Member Online , you can find out our Biller code and your unique BPAY Reference number online. If you don't have a Member Online account, you can register online for one right now! You just need your member number handy! Or call us on 1300 655 002 to get your BPAY details. 
     
     
2. Send us a cheque - You can make your contribution by sending us a cheque. Please include your name, membership number and address so we can correctly identify your account when processing the cheque.
   
   
3. Ask your employer to deduct contributions from your pay - Your employer can send us the money at the same time they send their Superannuation Guarantee (SG) and salary sacrifice contributions to Catholic Super for you. They just have to make sure they tell us it is an after tax contribution. Ask your employer about this option.
   
   
4. Arrange for a direct debit from your bank account – You can set up a regular direct debit from your nominated bank account to take the hassle out of contributing! You can stop this at anytime if your circumstances change. Download the form to set this up

 

Read more on Super Co-contributions

 

^®Registered to Bpay Pty Ltd
ABN 69 079 137 518