Adding more to your super before the End of Financial Year is not only super
tax effective, it could also mean more financial freedom in retirement.
Adding a little extra now could make a big difference to the lifestyle you can afford in retirement.
Calculate your projection
The results shown are not guaranteed and should not be relied upon as a true representation of any actual superannuation contributions, retirement benefit or taxation as your circumstances or tax and other rules can change.
Source: Moneysmart Superannuation calculator moneysmart.gov.au
Assumptions: The figures shown are in today's dollars assuming a 2.5% per year rise in the cost of living (inflation) and an additional 1.5% for the cost of rising community living standards. Person aged 35-years-old, a starting super balance of $70,000, with an income of $60,000 a year before tax and Superannuation Guarantee (SG). SG contributions in line with legislated increases to 12% from 1 July 2025. One example shows the super balance if no additional contributions are made. The other example shows the impact of contributing an additional $1,500 in before-tax contributions annually, over 32 years. Before-tax and SG contributions taxed at 15%. Super administration fees and costs of 0.22% p.a. and $78 p.a., plus an annual investment return of 8.27%, which is based on the average annual return from 1 July 2013 to 30 June 2023 for Cbus’ default investment option - Growth (MySuper). The return is based on the crediting rate, which is returns minus investment fees, taxes and until 31 January 2020, the percentage-based administration fee. Past performance is not a reliable indicator of future performance. No costs have been assumed for insurance premiums. Results are shown based on a 35 year old as at 8 March 2024 with the results shown as at 1 July after their 67th birthday.
Register for an upcoming webinar to find out more about how to boost your super before EOFY and save on tax.
Register nowSalary Sacrifice is when you ask your employer to put part of your before-tax salary into your super account. It’s extra to the super your employer already pays you and is worth considering if you earn over $45,000.
Voluntary Contributions are amounts you put into your super from your bank account. No contribution tax is charged, so any extra money you put in will go straight to your super balance.
To Salary Sacrifice, all you need to do is complete our Salary Sacrifice form and give it to your employer.
To make a voluntary, after-tax contribution, simply follow the three steps below:
1. Log in to your online account
2. Get your personal BPAY biller code and reference number
3. Make a payment by phone or online via your own bank, credit union or building society.
Alternatively, you can pay by Direct Debit or Cheque by filling out the relevant form and sending it to Cbus.
The best way to add to your super depends on a range of things including your age and income. Our calculator can help you work out what option might work best for you.
If you contribute to your spouse's super account, you may be eligible for a tax offset of up to $540 per financial year. The contribution must be processed as a spouse contribution to qualify.
If you earn less than $58,445 per year, you may be eligible to receive a Government co-contribution of up to $500. Any amounts claimed as a tax deduction would not be eligible for co-contribution.
A downsizer contribution is available to anyone aged 55 or over and it allows you to contribute up to $300,000 as an individual or $600,000 as a couple from the sale of your home.
Contribution caps
For contribution caps and other important information, download the Extra Contributions Fact Sheet.
Tax file number (TFN) requirements
To accept personal contributions from you, Cbus needs your TFN.
Update your TFN via your online account, or call us on 1300 361 784.
Download super contributions PDF guides
