Personal super contributions are the amounts you contribute to your super fund from your after-tax income. These are in addition to any compulsory contributions your employer makes on your behalf and do not include contributions made through a salary sacrifice arrangement.
Your super fund needs your tax file number (TFN) before it can accept your personal contributions.
To be eligible, the personal contributions need to be paid to a complying super fund or RSA, and you must not have claimed an income tax deduction for them. You do not need to have contributed the full $1,000; any amount up to $1,000 will attract a super co-contribution. Also, you do not need to make your personal contributions as a lump sum – you can make regular contributions throughout the financial year. Your total personal contributions at the end of the year is what attracts the co-contribution.
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 make regular contributions into your super account directly from your after-tax pay. If the payments come from your before-tax pay, they are generally referred to as salary sacrificed and will not attract the co-contribution. Talk to your employer or payroll officer and you may also wish to seek financial advice.
If your payments are not made by 30 June each year, you could miss out on your super co-contributions for that financial year. Check the details with your fund.
Sections within Making eligible personal super contributions
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