After-tax personal contributions
You can make after-tax personal contributions by adding to your super from your take-home salary, or from lump-sum amounts such as inheritance, lottery winnings or money from selling an asset.
Grow your super with your own after-tax contributions
Making an after-tax contribution to your super could help you:
- Increase your super balance - rather than relying on the amount your employer contributes, adding to your balance can lead to more money in your super when you retire, depending on market changes, which can impact your balance before and at retirement
- Be eligible for the Commonwealth Government Super Co-contribution - there are other criteria to meet to be eligible, but one of them is that you need to make an after-tax contribution to your super
- Pay less tax on what your super investments earn - the investment earnings on some investments may be taxed up to 49%, while earnings on GESB Super are only taxed at 15% (as West State Super and Gold State Super are untaxed funds, tax only applies when you access your benefit)
- Add to your super after you have reached your concessional contributions cap - if you’ve already reached your concessional contributions cap for your super contributions, you can still grow your super. You have the option to make after-tax contributions up to the higher non-concessional contributions cap
Find out how much you can contribute
Non-concessional or after-tax contributions are contributions usually made after income tax has already been deducted. Generally, you won’t need to pay any more tax on these amounts if you’re below your non-concessional contributions cap.
For the 2018/19 financial year the following cap applies:
Non-concessional contributions cap
Special arrangement or transitional rule
|$100,000 p.a.1||If aged under 65, you can bring forward one or two years of contributions depending on your total super balance on 30 June of the previous financial year. If your total super balance is less then $1.4 million, you can bring forward two years of contributions i.e. $100,000 plus $200,000, giving you a cap of $300,000 over three years2 subject to the transitional arrangements set out below. It is important to note that your remaining cap amount in years two or three will be reduced to nil if your total super balance on 30 June of the previous financial year exceeds the transfer balance cap ($1.6 million for the 2018/19 financial year3). The transfer balance cap is tested each 30 June during the bring-forward period, rather than only on 30 June prior to the year in which the bring-forward rule is triggered.|
If you triggered the bring-forward rule in 2015/16 or 2016/17 and did not fully utilise your available non-concessional cap by 30 June 2017, then your non-concessional contributions cap is subject to transitional arrangements.
For more information, read the ATO’s Superannuation Reform: Annual non-concessional contributions cap fact sheet.
If you make contributions over the amount of your non-concessional contributions cap, your excess contributions will be taxed at 47%4. You might choose to take out the excess from your super rather than be subject to this tax. For more information visit:
How to make a personal contribution
There are several ways you can make an after-tax contribution. You can:
- Complete the payroll deduction form and submit it to your employer Choose the after-tax option on the form
- Make a payment of $20 or more using BPAY All you need is your BPAY reference number and our biller code 182493. These details are available in Member Online. Note: this can’t be used to roll over money from another super fund.
- Pay by cheque or money order Simply complete a Super contributions form and send it to us with your payment.
1 For the 2018/19 financial year, indexed annually. This cap is equal to four times the general concessional contributions cap (which is currently $25,000).
2 Where the bring-forward rule has been triggered, the two future years' entitlements are not indexed.
3 This cap will be indexed annually against Consumer Price Index (CPI), rounded down to the nearest $100,000.
4 If you have a total superannuation balance greater than or equal to $1.6 million for the 2018/19 financial year your non-concessional contribution cap will be nil. In this case, if you make a non-concessional contribution they will be excess contributions and will be taxed at 47%.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
- How to make a BPAY payment using Member Online
- Make a personal after-tax contribution through your employer
- Make a personal after-tax contribution by cheque or money order
- Call us on 13 43 72
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 23 March 2019.