How can I grow my super?
Adding extra to super while you're working can make a big difference to your retirement savings – like when you can afford to retire and your retirement lifestyle.
Contribution types & benefits
Money paid into your super is called a super contribution, and there are two main types: concessional contributions (before tax) and non-concessional contributions (after tax).
Deciding what types of contribution to make, depends on why you’re doing it and other things, like your age, if you’re working and how much you earn each year.
What are they and why do it
Before tax contributions
Before tax contributions are made from your pay before it’s taxed. Because of this, when these contributions go into super, you only pay 15% tax, which is usually less than your tax rate outside super.
If you earn more than $250,000 a year, you may need to pay an additional 15% tax on your super contributions.
When you put money into your super before tax (e.g. by salary sacrifice), you could save on tax.
After tax contributions
After tax voluntary super contributions come from your savings, after it’s already been taxed.
Because of this, when these contributions go into your super, you don’t pay any extra tax.
There are a few different ways the government rewards people for making extra after tax super contributions, like the Government co-contribution and the Low income super tax offset (LISTO).
Putting extra money into super isn’t right for everyone. Always consider your situation before making contributions.1
To learn more or discuss your options:
Super contribution caps
Contributing to super can be a great way to grow your savings for retirement and can help you save on tax. There are just a few things you need to be aware of, like the types of contributions and the limits (caps) to the amounts you can put in each year.
Put money in your super and make a tax deduction
You may be able to claim a tax deduction for personal super contributions that you make from your after-tax income.
Put money into your super – Four easy ways to contribute
BUSSQ makes it easy for you to build your super by giving you the flexibility to contribute in any of the following ways.
- Salary sacrifice
Salary sacrifice is an arrangement between you and your employer, where you both agree that rather than receive part of your income as salary or wages, your employer will make an equivalent super contribution on your behalf.
The amount sacrificed is paid directly into your BUSSQ account before any income tax is deducted, which means your gross salary or wage is reduced for taxation purposes. Speak to your employer to find out how to setup salary sacrifice. - BPAY®
BPAY® lets you transfer specific amounts direct from your bank, building society or credit union account to your BUSSQ account. You can find your BPAY details in your online account or by calling us. - Payroll deduction
Your employer might be able to make extra super contributions from your pay, directly to your super. You’ll need to speak to your employer to arrange deductions of contributions from your pay. - Direct Debit
You can specify an amount to be regularly taken out of your bank account and paid into your BUSSQ account. Simply complete and return a Direct Debit Request form to BUSSQ.
To discuss your options or complete the form:
Get it together – combine your super into one account
Do you have more than one super account?
It may be time to take control of your future and simplify the management of your retirement savings, by combining your super into one account.
You can easily search for and find any lost super and then decide if you want to combine what you have into one account.
Have you changed jobs recently?
If you start a new job, take a couple of simple steps to ensure you keep track of your super.
If you forget to tell your employer where you want your super paid, you could end up with more than one super account.
Grow your super
Try our calculators
Our calculators can help you get your head around retirement planning, super savings, investment risk, and your insurance needs.
Your advice options
We’re here to support you in your super and retirement journey. BUSSQ offers different types of advice and can help you get your head around your super.
Investment basics
Get your head around how your savings in super are invested and other important information.