What are voluntary contributions?
Your employer is required to contribute at least 11.5% of your salary into your super, this is called the super guarantee.1
Voluntary contributions are payments you can make to help boost your super account.
-
Read the transcript
Grow your balance this Super Season
Making extra contributions is a great way to grow your super.
Contributions come in two forms: ‘concessional’, meaning before tax, and ‘non-concessional’, meaning after tax. Concessional contributions come from your before-tax income. They include your SG payments as well as any extra contributions you've made via salary sacrifice. Non-concessional contributions come from your after-tax income. They include voluntary payments you make from your after-tax income, as well as spouse contributions.
Because concessional contributions come from your before-tax earnings, your super fund will deduct 15% from your contribution and send it to the ATO. Non-concessional contributions are made using money that's already been taxed. So when a non-concessional contribution is made to your super, no further tax needs to be deducted.
There are a few other ways you can grow your super besides the contributions I've already talked about. The First Home Super Saver scheme can help you save a deposit for your first home faster. The downsizer contribution allows older Australians to make additional contributions to their super using the proceeds from the sale of their home. And there's also the super co-contribution, where, depending on your income, the government may top up your super when you make an after-tax contribution.
Extra contributions now can make a big difference to your future balance, but how much extra you contribute will depend on a lot of factors like your budget, goals, and stage of life.
For more information, and to see the difference the extra contributions could make for your future, visit unisuper.com.au/supercontributions.
Super contributions
There are two types of super contributions:
Concessional contributions are contributions generally made from your before-tax income. They are typically taxed in your super fund at a rate lower than your regular income and can help to lower your taxable income. They also include personal contributions you’re entitled to claim as an income tax deduction.
Non-concessional contributions are contributions typically made from your after-tax income.
Concessional contributions
Superannuation guarantee
The amount employers pay into your super account from your wages.
Salary sacrifice
Sacrifice part of your take home pay and add it to your super instead.
Personal contributions
Any personal contributions you’re entitled to claim as an income tax deduction.
Non-concessional contributions
Government co-contributions
In some cases, the government will add to your super when you make an after-tax contribution. See eligibility on the ATO website.
Personal contributions
Any after-tax contributions you pay via your employer, or directly to your super fund, which you have not claimed as a tax deduction.
Spouse contributions
Your spouse may be able to make an after-tax contribution to top up your UniSuper account.
Contribution caps
$30,000
Annually for
Concessional
Contributions
$120,000
Annually for
Non-concessional
Contributions
For more information about the current limits for concessional and non-concessional contributions visit the ATO’s page on contribution caps.
^ You can check how you are sitting against the caps via your account online. Your online account only shows contributions to your UniSuper account. If you’ve made contributions to other super funds, the money will count towards your limits for the financial year. Contact your other fund or the ATO for more information.Need a hand with your super?
Estimate your super balance at retirement
-
Things you need to know
1 The minimum super guarantee percentage will increase to 11.5% on 1 July 2024, then increase to 12% on 1 July 2025.