After-tax contributions

Personal after-tax contributions are a great way to increase your super balance. If you make a personal after-tax contribution to your super, any amount you claim as a tax deduction for will be considered a concessional contribution and will count towards your concessional contributions cap. It can also lower your taxable income, and may 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 could see you 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 $120,000 per year (or $360,000 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

BPAY®

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.

Cheque

If you are 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.

Payroll deduction

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.

Self-employed contributions

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. If you make a personal after-tax contribution to your super, any amount you claim as a tax deduction for will be considered a concessional contribution and will count towards your concessional contributions cap.

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.

Government co-contribution

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’re eligible, for every $1 of after-tax contributions you make to your super, the Government could contribute an extra 50 cents, up to a maximum of $500.

Your total income^† must be less than $60,400. The co-contribution reduces for each dollar of total income over $45,400 and cuts out at $60,400.

After you’ve made a personal contribution and lodged your tax return, the ATO will determine whether you’re eligible. If you are, they’ll pay it directly into your super account.

Please ensure you have provided Media Super your Tax File Number or you will not receive the co-contribution.

^† Total income includes assessable income plus reportable fringe benefits and reportable additional employer super contributions (e.g. salary sacrifice contributions or certain concessional employer contributions).

^® Registered to Bpay Pty Ltd ABN 69 079 137 518