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Making Extra Contributions

Your employer contributes 9%, which is a good start, but for many people, this is not enough to keep up your current lifestyle in retirement.

Salary Sacrifice
Salary Sacrifice means instead of receiving your pay in full, you arrange to have some of your pay invested directly into your super fund on your behalf.  The contribution is taken out of your pay before income tax is deducted, so you will pay less tax on your income.
For example, if you earn $50,000 a year and opt to Salary Sacrifice $10,000, income tax will only be based on $40,000 which means you pay less tax. The $10,000 is paid to your super fund and is only taxed at 15% which is a lot less than the income tax payable at 31.5%. 

Find out more about Salary Sacrifice by downloading our Super-Size Your Retirement Savings booklet.

How?
As Salary Sacrifice is not offered by all employers, you will need to contact your employer and discuss whether you have a salary sacrifice option available to you.

Voluntary (after-tax) contributions

You can choose to make voluntary (after-tax) contributions to your super in addition to what your employer is contributing. Voluntary (after-tax) contributions, which you pay out of after-tax income, are a good way to top up your super to maximise your end benefit.

If you are self-employed, you may be able to claim your voluntary contributions to a super fund as a tax deduction.  For more information, click here.

Depending on your income you may be entitled to a co-contribution from the government.

To find out more about Voluntary (after-tax) contributions download our Super-Size Your Retirement Savings booklet.

How?
There are four easy ways to pay voluntary contributions to your Club Plus Super Account:

  • BPAY®: call Club Plus Super on 1800 680 627 for your BPAY biller code and reference number.
  • Send a cheque: complete the Voluntary Contribution form, attach your cheque(s) and send it to:
    Club Plus Administration, Locked Bag 5007 Parramatta NSW 2124.
  • Direct debit: complete the Direct Debit Authority form and Club Plus Super will deduct regular amounts directly from your nominated bank account and pay to your super account.
  • Payroll deduction: complete a Payroll Deduction authority form and provide to your employer.  This will allow your employer to deduct the amount from your pay and remit it to the fund.

Government Co-contribution

To help you boost your super, the government will in some cases contribute on your behalf.

If you make voluntary contributions and you earn less than $31,920 a year, you may be entitled to a co-contribution from the government, dollar for dollar up to a maximum of $500.*

If you earn over $31,920 but less than $46,920 you may still be entitled to co-contributions but the amount will be reduced based on your actual income and your contribution amount.*

To find out more about Government Co-contribution download our Supersize Your Retirement Savings booklet.

How?
Find out if you're eligible and if you are, you can make a voluntary (after-tax) contribution to your super as outlined above.

*This is based on 2012/13 budget announcements, with legislation yet to be passed.

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