Personal after-tax contributions are a great way to increase your super balance. They can be claimed as a tax deduction when you're doing your tax return, lowering your taxable income, and have a big impact on your retirement lifestyle further down the track. You can either make a one-off payment or regular after-tax contributions, depending on your financial circumstances.
After-tax (non-concessional) contributions are made from your take-home pay. They include any additional contributions you make, the contributions you make if you're self-employed (and don't claim a tax deduction), and any contributions from your spouse.
Making additional after-tax contributions is an easy way to boost your super savings. Even adding a small amount now could see you thousands of dollars better off when you retire.
They're also very flexible. You can either make a one-off payment or regular after-tax contributions, depending on your financial circumstances.
The after-tax contribution cap is $110,000 per year (or $330,000 over three years if certain conditions are met).
Since you've already paid income tax, you won't pay contributions tax on any additional after-tax contributions you make (up to the contributions cap).
How to make after-tax contributions
The easiest way to make after-tax contributions is BPAY® through your bank account. You can set up a regular payment or make a one-off payment.
You can find your unique BPAY® details – biller code and reference number – on your Media Super member card or digital card, or by logging into your online account and heading to the 'personal details' page.
If you are a making a one-off contribution to your Media Super account, you can mail us a cheque along with a completed contribution form.
If we can't identify you with at least your full name and member number, we will return your cheque.
You may also be able to set up a payroll deduction, if your employer agrees.
A nominated amount of your after-tax income will be sent to your Media Super account by your employer on your behalf. For more information, see direct debit request - service agreement.
A payroll deduction is not the same as salary sacrifice, which is deducted from your pre-tax income.
If you are self-employed, any contributions made to your super account will be after-tax contributions. However, you are able to claim a tax deduction for these contributions.
Whether or not you claim a tax deduction affects how much tax you pay, as before and after-tax contributions are taxed differently. There are also different caps for before and after tax-contributions.
Everyone's circumstances are different and you may want to speak to your accountant or registered tax agent before making a claim to ensure you're claiming the right amount.
The government co-contribution is a payment made by the Federal Government to low and middle-income earners who make additional after-tax contributions to their super.
The payment is designed to reward those who make an additional contribution to their super, on top of what their employer contributes, by matching 50% of voluntary contributions made within limits set by law.
If you earn less than $58,445* per annum and make a voluntary contribution, you may be eligible for a co-contribution of up to $500.
The maximum co-contribution of $500 applies for people earning up to $43,445* who have made a voluntary contribution of $1,000 to their super account. The amount of co-contribution reduces for by 3.333 cents for each dollar of income above $43,445. If you make a voluntary contribution of less than $1,000, the amount of co-contribution applicable will also reduce.
If you are eligible for a co-contribution, it will be automatically calculated by the Australian Tax Office and deposited in your super account each year after you lodge your tax return.
Please ensure you have provided Media Super your Tax File Number or you will not receive the co-contribution.
*Applicable for the 2023-24 financial year.
® Registered to Bpay Pty Ltd ABN 69 079 137 518
We're here to help
We can answer any questions you may have about making additional before or after-tax contributions, and we can also help work out the contribution strategy that best suits your needs so you can reach your retirement goals.