Personal super contributions are the amounts you choose to contribute to your super fund from your after tax income. This is in addition to any employer contributions and does not include contributions made through a salary sacrifice arrangement.
You do not need have to contribute the full $1,000 to be eligible – any amount up to $1,000 will attract the super co-contribution. Additionally the personal contributions do not need to be made in a lump sum. You may elect to pay regular amounts throughout the financial year.
Your super fund will be able to tell you how to best make personal super contributions. Most funds offer different options for making contributions including BPAY, direct debit or through your bank account.
In some cases, you may be able to deposit small amounts into your super account directly from your pay – talk to your employer or payroll officer.
Remember to check your fund’s cut-off date for receiving super payments at the end of each financial year. If your payments aren’t made in time, you could miss out on your super co-contributions for that financial year.
Subscribe
