text size
  • -
  • =
  • text size
  • +

3 Easy Ways to Grow Your Super Before EOFY

Each financial year, you can contribute a certain amount to super – up to $25,000 for contributions made before tax, and a whopping $100,000 for contributions made after tax. 

With the 2020/21 tax year ending soon, here are 3 ways to make the most of those limits and boost your super fast.  


1. mAKE A GOVERNMENT CO-CONTRIBUTION 

Want a helping hand to grow your super? If you earn less than $54,837, check if you’re eligible for the Government Co-contribution. You could receive up to 50c for every dollar you contribute, up to $500. 


2. TOP UP SUPER FROM YOUR BANK ACCOUNT

You can transfer money into super just like you’d transfer money to a friend who paid for your coffee. Simply make a payment by EFT using the details below. (Be sure to pop in your member number, initial and surname as your reference.) 

To use BPAY instead, log into your firstonline account, hover over “My transactions” and click “Make a contribution” for your customer reference number.  

LOG INTO FIRSTONLINE


3. CLAIM TAX BACK ON A PERSONAL DEDUCTIBLE CONTRIBUTION 

You can claim a tax deduction on super you’ve contributed by EFT or BPAY. This type of contribution is often an alternative to salary sacrificing, which you may not have time to set up before EOFY. And it’s flexible, as you can contribute throughout the year and claim later. 

To claim, you’ll need the ATO’s “Notice of intent to claim or vary a deduction for personal super contribution”. Don’t worry, we’ve found it for you.  

CLAIM A DEDUCTION

You’ll want to move quickly on this one to give us time to receive and process both your payment and claim before the end of the financial year. 

 

dON’T EXCEED THE CAP LIMITS!

The most you can contribute to super during 2020/21 before you’re forced to pay extra tax is:  

  • $25,000 for concessional (before-tax) contributions, including super guarantee from your employer, and 
  • $100,000 for non-concessional (after-tax) contributions. 

Read How super is taxed to find out more about these limits.  

To check what’s left in your personal caps, log into firstonline or contact us.