Golden opportunity to boost your super2 May 2017
On 1 July, the non-concessional (after-tax) contributions cap will be reduced from $180,000 to $100,000 a year for people aged under 65. Although the ‘bring-forward’ rule will remain – where you can contribute up to three years’ worth of non-concessional contributions in any three year period – this will consequently reduce from $540,000 to $300,000.
If you’ve recently received an inheritance, sold a property, or have a large sum of money that you’re not quite sure what to do with, now is the time to put it into super – before the changes come into effect.
In doing so before 1 July, you could contribute almost double to your super account this year.
Making a non-concessional contribution to your super is a tax-effective way of investing your money, as earnings on your investment will only be taxed at 15 per cent as opposed to your marginal tax rate.
You have three easy options to make an after-tax contribution to your super – BPAY®, direct debit or cheque.
Check your member card for your unique BPAY® details or log in to your account and go to ‘Contributions’, then ‘Contribute via BPAY’. There you can find details about how to make a contribution via BPAY® as well as the Biller Code and your personal Reference Number.
Simply complete the Direct debit request form and return it to Media Super before 30 June 2017.
For one-off amounts to your Media Super account, you can mail us a cheque along with a completed Voluntary contribution form to Media Super, GPO Box 4303, Melbourne VIC 3001.
We’re here to help
If you want to know more or need help, get in contact with your local Business Development Manager or call the Super Helpline on 1800 640 886.
® Registered to Bpay Pty Ltd ABN 69 079 137 518