Making contributions
Making additional contributions to your super is a simple and effective way of growing your retirement savings. You have a choice between making before or after-tax contributions. Knowing the difference between the two is crucial when it comes to growing your super in the most tax-efficient way.
How much super could you have at retirement?
Try our calculator to see what you could have, and how small changes could give you more.
If you're looking to maximise your retirement savings, making additional contributions to your super account can be a great way to boost your balance and potentially reduce your tax.
Everyone's in a different boat when it comes to finances, but if you can afford to, contributing even a small amount each month to your super can make a big difference to your retirement savings.
There are two types of super contributions:
- Before-tax (known as concessional)
- After-tax (known as non-concessional)
They are taxed differently and different annual contribution caps apply.
Contribution caps
Annual caps apply to your super contributions. Any contributions received above the caps are taxed at a higher rate and will incur an interest charge.
Contribution limits for the 2023-24 financial year:
| Before-tax (Concessional) | After-tax (Non-concessional) | |
|---|---|---|
| Types of contributions included | Employer (including SG of 11%) Salary sacrifice Personal ( if you claim it as a tax deduction) | Personal Spouse Government co-contribution1 |
| Contribution cap | $27,500 per year You may be able to carry forward unused cap amounts from prior years so that you can contribute more. Refer to the ATO website for more information. | $110,000 per year Individuals with a total superannuation balance greater than or equal to the $1.9 million general transfer balance cap will have a non-concessional contributions cap of nil. |
Recontribution of COVID-19 early release payments
If you accessed your super early in 2020, you may be considering ways to rebuild your balance. The recontribution of COVID-19 early release amounts into superannuation measure has been introduced to help you rebuild the balance you may have lost.
You will be able to recontribute the amount you withdrew to your super without this counting towards your annual after-tax contributions cap. You can make these recontributions between
1 July 2021 and 30 June 2030.
You can choose to access the measure by completing and sending us the ATO’s approved form. If you aren’t approaching your annual after-tax contributions cap, it may not be necessary to complete the form. You should consider whether this is right for your situation and may want to consult a financial adviser or tax agent.
For more information, head to the Recontribution of COVID-19 early release payments page .
1. Government co-contributions are not counted towards your non-concessional contributions cap.
Top up my super
Grow your super faster by making personal payments into your account
You can pay money that’s already been taxed, straight into your super account. If you have a little extra from your take home pay, additional savings or an inheritance, you can make non-concessional contributions to boost your superannuation.
Three easy ways to make a personal contribution
Bank transfer
Log in to your account to get your personal BPAY® reference and biller code or Electronic Funds Transfer (EFT) details.
Direct debit
Fill out the Direct debit application form and send it to Media Super.
Cheque
Fill out our Personal contribution form and send it to Media Super. Due to banking changes, we are unable to accept cash or international cheques.
We're here to help
We can help you with any questions you might have about contributions, investment options or your account.