How much super could you have at retirement?
Try our calculator to see what you could have, and how small changes could give you more.
Retirement calculatorGrow your super
Are you on track for a comfortable retirement? Your employer is required to put at least 11% of your earnings* into your super, but that may not be enough for you. Making extra contributions to your super could help keep your savings on track.
*Ordinary Time Earnings (OTE)
Before-tax (salary sacrifice)
Salary sacrifice is an easy way to make extra payments into your super.
Your employer agrees to redirect a portion of your before-tax salary into your super account. It’s generally worthwhile considering if your income is over $37,000.
After-tax (take home pay)
You can pay money that’s already been taxed, straight into your super account. If you have a little extra from your take home pay, additional savings or an inheritance, you can make non-concessional contributions to boost your superannuation.
Spouse contributions
If you make a contribution to your spouse's super account, you may be eligible for a tax offset of up to $540 per financial year.
About spouse contributionsSalary sacrifice for your super
Salary sacrifice is an easy way to make extra payments into your super. Your employer agrees to redirect a portion of your before-tax salary into your super account. It’s generally worthwhile considering if your income is over $37,000.
Benefits of salary sacrificing
Lower tax rate
If you make super contributions through a salary sacrifice, these contributions are taxed at a maximum at 15%. For higher income earners, extra tax will apply if your total income and super contributions are more than $250,000.
When super is paid from your pre-tax salary, your taxable income is lowered. And the higher your tax bracket, the less tax you pay on the money that's salary sacrificed to super.
Super Growth
Over time, you'll enjoy the benefit of compounding returns in your super fund. And as your super grows over time you'll see how even little extra contributions now, can mean a lot to your savings at retirement.
How can I set up a salary sacrifice?
Salary sacrifice is an agreement between you and your employer.
Simply print and complete our Salary sacrifice form and submit it to your employer.
Download form (PDF)Why salary sacrifice
Tips for setting up salary sacrifice for superannuation
Limits on before-tax contributions to super
For the 2023/2024 financial year, there is a limit of $27,500 to the amount of before-tax (concessional) contributions you can make to your super each year that are charged concessional tax of 15%. Higher income earners will have extra tax apply if your total income and super contributions are more than $250,000.
If you had a total super balance of less than $500,000 on 30 June 2023, then you may be able to carry forward unused concessional contributions from previous financial years. You can find more information on our Making extra contributions fact sheet.
Before-tax contributions include:
- compulsory employer contributions (super guarantee contributions),
- salary sacrifice contributions, and
- personal contributions you have made that you have claimed a tax deduction for (you will need to meet the work test to be able to claim a tax deduction if you are aged 67 to 74 years).
If you’re aged 75 or older, then we can no longer accept salary sacrifice contributions for you. We can only accept compulsory employer contributions for you.
What happens if you exceed the cap
Amounts above your concessional contributions cap are counted towards your assessable income and so will be taxed at your marginal income tax rate.
Any amounts above the concessional contributions cap that you don’t withdraw will also count towards your after-tax (non-concessional) contributions cap.
Keep track of your total super balance
Your total super balance (across all your super accounts you hold, including income streams) can impact your ability to make or receive certain contributions.
You can check your total super balance on the ATO website by logging into MyGov.
You can find more information on the total super balance on the ATO website, and in our How super is taxed fact sheet.
Tax deductions
Since your contributions are made by your employer, you can’t claim a tax deduction for any sacrificed amount.
Salary sacrificed amounts are included as reportable employer super that count toward certain income tests used for working out benefits, concessions and offsets.
Fringe benefits tax
A salary sacrifice contribution is not a fringe benefit, so it’s not subject to fringe benefits tax. It shouldn’t be reported on your PAYG payment summary.
Further information
After-tax contributions
You can pay money that’s already been taxed, straight into your super account. If you have a little extra from your take home pay, additional savings or an inheritance, you can make non-concessional contributions to boost your superannuation.
Benefits of making after-tax contributions
1. Boost your super
Even a small amount each week can add up and make a big difference at retirement time.
2. Potential tax benefits
By making after-tax contributions to your super, you may be able to claim a tax deduction and reduce the amount of income tax you have to pay - which can mean more money for you at a tax time. Be aware, there is a cap on the amount of contributions that can be made.
3. Government co-contribution
If you earn less than $58,445 per year, you may be eligible to receive a Government co-contribution of up to $500, which would add even more to your balance at retirement. Any amounts claimed as a tax deduction would not be eligible for co-contribution. Find out more on the ATO website.
Three easy ways to make a personal contribution
Bank transfer
Login to your account to get your personal BPAY® reference and biller code or Electronic Funds Transfer (EFT) details.
LoginCheque
Fill out our Personal contribution form and send it to Cbus. Please note, we are unable to accept cash or international cheques.
More information to consider
Super payment limits
There are limits to how much you can put into your super as after-tax ( non-concessional) contributions.
| Age | Limit for after-tax (non-concessional) contributions |
|---|---|
| Under 75 | Up to $110,000 per year, or up to $330,000 over a 3 year period |
| 75+ | You cannot make extra contributions |
These limits apply for the 2023/24 financial year. Your total super balance also affects these limits.
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.
Government co-contribution
To encourage personal contributions into your super account, the Government offers extra contributions to give your balance a boost.
Within the limits on non-concessional contributions, you can contribute any amount you like to your super fund. The more money you put in, the higher the Government contribution, up to a $500 maximum (subject to meeting eligibility criteria, see table below).
After you've made your personal contribution and lodged your tax return for the year, the Government will automatically pay your super co-contribution direct into your super account. It’s tax-free, so any benefit you receive will go directly towards building your super.
Am I eligible?
To be eligible to receive the Government co-contribution you must:
- be a permanent resident of Australia and under 71 at the end of the financial year
- make a personal contribution to your super and not claim a tax deduction for it*
- ensure your 'total income'† is less than $58,445 for the 2023/24 financial year
- lodge a tax return for that year of income
- have supplied your TFN to Cbus
- have a total super balance of less than the general transfer balance cap at end of 30 June of the previous financial year
- not have contributed more than your after-tax (non-concessional) contributions cap
Total income is generally your assessable income, plus reportable employer super contributions and reportable fringe benefits. Figures are for the 2023/24 financial year. Find out more about the Government co-contribution on the ATO website.
*Employer or salary sacrifice contributions do not count as personal contributions.
†10% or more of your total income must be from employment related activities, such as working as an employee, running a business, or a combination of both.
Spouse contributions
If you make a contribution to your spouse's super account, you may be eligible for a tax offset of up to $540 per financial year. The tax offset applies when specific criteria is met, including your spouse earning less than $40,000 or not working.
Your spouse can make a contribution to your Cbus account to be eligible for the same tax offset of up to $540 per financial year. Again, the tax offset applies when the criteria below have been met.
Eligibility?
You may be entitled to claim a tax offset if:
- you did not claim a tax deduction for the contribution
- both you and your spouse were Australian residents when the contributions were made
- you and your spouse were living together on a permanent basis when contributions were made
- your spouse was under 75 when the contribution was made
- your spouse’s assessable income and total reportable fringe benefits were less than $40,000 per year
- your spouse had a total super balance of less than the general transfer balance cap at end of 30 June of the previous financial year
- your spouse did not contribute more than their non-concessional contribution cap
- the contribution was made to a complying super fund, such as Cbus.
Download our Spouse contributions form (PDF).
Low income super tax offset
If you earn $37,000 or less, you’ll automatically receive a contribution tax rebate of up to $500 paid into your super fund.
Am I eligible?
To receive the low income super tax offset (LISTO) you must:
- not have held a temporary resident visa at any time during the income year
- have an adjustable taxable income of up to $37,000 per year
- earn 10% or more of your total income from employment or business related activities
- have made before-tax (concessional) contributions for the year to a complying super fund like Cbus.
How will I receive the offset?
When you lodge an income tax return for the financial year, the Australian Tax Office (ATO) will work out your eligibility for the LISTO.
Visit the ATO website for more information on the Low income super tax offset.
Downsizer contributions
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.
Download our Downsizer contribution factsheet (PDF).