Personal contributions
A personal contribution is where you put a bit extra into super, after you have already paid tax on your income. You may have some spare cash, some savings in the bank or perhaps inherited some money.
Consider putting that extra cash into your super on top of what your employer is already paying for you.
You will not pay any tax when you contribute your extra amount into super, as you were already taxed when you earned the money.
This can be a tax effective investment, only paying 15% on investment earnings, instead of your marginal tax rate of up to 46.5%! This could result in considerable tax savings and extra money in your account.
Plus, if you make an after tax contribution into super, and your total income is less than $61,920 per year you could be eligible for a Government Co-contribution payment of up to $1,000!
You can make personal contributions by:
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payroll deduction (check with your employer);
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direct debit from your bank, building society or credit union;
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cheque (made payable to Cbus); or
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BPAY® using our internet facility, SuperSite.
