From 1 July onwards significant changes are being made to super. Find out what they mean for you.
Grow your Super
If you can afford it contributing extra to your super is a great way to build your balance and you could save on tax.
Good reasons to add to your super
What are your options?
Learn more about the different types of contributions and what you need to know before deciding whether to make a contribution.
After-tax contributions
Contribute from your take-home pay
Build your balance and benefit from super’s tax concessions on your investment earnings.
After-tax contributions
Access the Government co-contribution
Make an after-tax contribution and you could receive a helping hand from the Government – every single year!
After-tax contributions
Contribute to your partner’s super
Keep your partner’s super growing and you could receive a tax offset.
Before-tax contributions
Salary sacrifice
If your employer allows it, you can add more to your super from your before-tax pay and it could reduce the income tax you pay.
Before-tax contributions
Claim a tax deduction
Choose to have your after-tax contributions treated as before-tax contributions, and if eligble claim a tax deduction.
After-tax contributions
Downsizer contributions
If you’re aged 65 or over you could be eligible to top up your super with proceeds from selling your family home.
It’s important to keep in mind...
You may need to satisfy eligibility requirements before you can make a contribution or obtain a tax benefit (if applicable). There are rules around when you can access your super, which you should consider before making a contribution. Contribution caps also apply. If you exceed these caps, you may need to pay extra tax. Speak with a financial adviser about whether adding to your super is right for you, or visit the Government’s MoneySmart website or the Australian Taxation Office website for more information
Contribute from your take-home pay
Adding to your super from your take-home pay or personal savings is known as making an after-tax or ‘non-concessional’ contribution. After-tax contributions can be made on a regular or one-off basis.
Once in your account, earnings on this money will benefit from concessional tax treatment in the super fund. Outside of the super environment your investment earnings are taxed at your marginal tax rate – as high as 47% (including the 2% Medicare levy). Inside super, the fund's tax rate is 15% but the effective rate of tax may be lower than this.
If you make an after-tax contribution you could also be eligible to receive a co-contribution from the Government.
If you have a Suncorp super account you can make an after-tax contribution via BPay, direct debit, in one of our branches or via the Suncorp Bank app. You’ll find all the details below.
- Contribution limit. There is a limit on how much you can contribute to super each year. The current after-tax (non-concessional) contribution limit is:
- $110,000 each year if your total super balance on 30 June of the previous financial year was less than $1.7 million,
Or under bring-forward arrangements:
- $220,000 in any 2-year period if your total super balance on 30 June of the previous financial year was at least $1.48 million and less than $1.59 million, or
- $330,000 in any 3-year period if your total super balance on 30 June of the previous financial year was less than $1.48 million.
Includes contributions you make from your take-home pay and spouse contributions. Downsizer contributions and COVID-19 recontributions do not count towards the limit.
Bring-forward arrangements
To access the bring-forward arrangements you need to be under age 67 at the start the financial year.
- Age considerations
- Under age 67 – no restrictions on making contributions
- Aged 67-74 – you need to meet the work test or work test exemption to contribute. In the 2021 Federal Budget the Government announced that the work test will be removed for this age group. This change has not yet been passed by Parliament.
To meet the work test you need to have done at least 40 hours of paid work in a consecutive 30-day period that financial year. The work test exemption is available to individuals aged 67-74, who had a total super balance less than $300,000 as at 30 June in the previous financial year, and met the work test for the previous financial year. The exemption can only be used once in your lifetime. You can’t make after-tax contributions once you reach the age of 75.
- TFN. We need to have your tax file number (TFN) to accept after-tax contributions. To check, login to your online account or call us.
- Tax treatment. Generally, contributions made from your take-home pay are not subject to tax in the fund. If you intend to claim these contributions as an income tax deduction on your personal tax return and submit to us a valid notice of intent to deduct, these contributions will be subject to tax in the fund at the concessional rate of 15%.
Access the Government co-contribution
In the 2021/2022 financial year, if your income is less than $56,112 and you make an after-tax contribution to your super, you could be eligible to receive a Government co-contribution. This means the Government may match up to a maximum of $500. For every dollar you earn over $41,112 the co-contribution amount decreases until it cuts out at $56,112.
Our contributions calculator can show you how much you could receive.
To be eligible
- You need to make an eligible personal after-tax contribution to your super that is less than your after-tax (non-concessional) contributions limit
- You need to have a super balance below the general transfer balance cap at the end of 30 June of the previous financial year (currently $1.7 million)
- You are aged less than 71 at the end of the 2021/2022 financial year
- You receive at least 10% of your assessable income from employment or self-employment activities
- You earn less than the maximum annual assessable income limit imposed by the Australian Taxation Office (ATO) for co-contribution purposes ($56,112 before-tax for 2021/2022)
- You lodge an income tax return for the financial year in which you make the contribution
- You did not hold a temporary visa at any time during the financial year in which you make the contribution.
The good news is you don't need to apply. Once you’ve made your after-tax contribution, all you have to do is lodge your tax return for the financial year. If you're eligible the Australian Taxation Office will credit the co-contribution to your super account automatically.
If you have a Suncorp super account, you can make an after-tax contribution via BPay, direct debit, in one of our branches or via the Suncorp Bank app. You’ll find all the details below.
- Contribution limit. There is a limit on how much you can contribute to super each year. The current after-tax (non-concessional) contribution limit is:
- 110,000 each year if your total super balance on 30 June of the previous financial year was less than $1.7 million,
Or under bring-forward arrangements:
- $220,000 in any 2-year period if your total super balance on 30 June of the previous financial year was at least $1.48 million and less than $1.59 million, or
- $330,000 in any 3-year period if your total super balance on 30 June of the previous financial year was less than $1.48 million.
Includes contributions you make from your take-home pay and spouse contributions. Downsizer contributions and COVID-19 recontributions do not count towards the limit.
Bring-forward arrangements
To access the bring-forward arrangements you need to be under age 67 at the start the financial year.
- Age considerations
- Under age 67 – no restrictions on making contributions
- Aged 67-74 – you need to meet the work test or work test exemption to contribute. In the 2021 Federal Budget the Government announced that the work test will be removed for this age group. This change has not yet been passed by Parliament.
To meet the work test you need to have done at least 40 hours of paid work in a consecutive 30-day period that financial year. The work test exemption is available to individuals aged 67-74, who had a total super balance less than $300,000 as at 30 June in the previous financial year, and met the work test for the previous financial year. The exemption can only be used once in your lifetime. You can’t make after-tax contributions once you reach the age of 75.
- TFN. We need to have your tax file number (TFN) to accept after-tax contributions. To check, login to your online account or call us.
- Tax treatment. Government co-contributions are not subject to tax in your super fund.
Contribute to your partner’s super
If your super fund allows it, you can make a contribution for your spouse – married, de facto or same sex – to help build their super balance. And if they’re not working or on a low income, you could receive a tax offset.
If you contribute $3,000 or more to your spouse’s super account, and if they earn $37,000 or less, you may be eligible for a tax offset of up to $540 ($3,000 x 18%). The offset reduces as your spouse’s income increases above $37,000 and phases out at $40,000.
If you feel it’s right for you and your partner, you can make a spouse contribution to your partner’s Suncorp super account via BPay, direct debit, in one of our branches or via the Suncorp Bank app. You’ll find all the details below.
If eligible, you may be able to claim the offset when you lodge your tax return for the year in which you make the contribution.
- Contribution limit. There is a limit on how much you can contribute to super each year. The current after-tax (non-concessional) contribution limit is:
- 110,000 each year if your total super balance on 30 June of the previous financial year was less than $1.7 million,
Or under bring-forward arrangements:
- $220,000 in any 2-year period if your total super balance on 30 June of the previous financial year was at least $1.48 million and less than $1.59 million, or
- $330,000 in any 3-year period if your total super balance on 30 June of the previous financial year was less than $1.48 million.
Includes contributions you make from your take-home pay and spouse contributions. Downsizer contributions and COVID-19 recontributions do not count towards the limit. Spouse contributions count towards the receiving spouse's non-concessional contributions limit and are based on the receiving spouse’s total super balance.
Bring-forward arrangements
To access the bring-forward arrangements you need to be under age 67 at the start the financial year.
- Age considerations. If your spouse is:
- Under age 67 – no restrictions on making contributions for them
- Aged 67-74 – your partner needs to meet the work test or work test exemption. In the 2021 Federal Budget the Government announced that the work test will be removed for this age group. This change has not yet been passed by Parliament.
To meet the work test they need to have done at least 40 hours of paid work in a consecutive 30-day period that financial year. The work test exemption is available to individuals aged 67-74, who had a total super balance less than $300,000 as at 30 June in the previous financial year, and met the work test for the previous financial year. The exemption can only be used once in a lifetime. We can't accept after-tax contributions once a member reaches the age of 75.
- TFN. We can only accept a contribution into your spouse’s account if we have their tax file number. To check, your spouse can login to their online account or call us.
- Residential status. You can only make spouse contributions if you and your spouse are both Australian residents.
- Tax treatment. Spouse contributions will not be subject to tax in your spouse’s fund.
Salary sacrifice
If your employer offers it, you could contribute to your super from your income before you pay individual tax on it. This could mean less tax for you because contributions to super are generally taxed at 15%* in the fund, which is lower than the tax many people pay on their income.
Known as salary sacrifice, these contributions are before-tax or ‘concessional’ contributions. Each financial year you can contribute up to $27,500 of before-tax contributions, which also includes super guarantee (SG) and contributions for which you claim a tax deduction.
Keep in mind that since 1 July 2019 if you make or receive before-tax contributions of less than the annual concessional (before-tax) contributions cap, you may be able to carry-forward these unused cap amounts for use in subsequent financial years. You can use caps from up to 5 previous financial years, so you may be able to contribute more than you think.
If you’re already making salary sacrifice contributions to your super, towards the end of the financial year it’s a good idea to check the total of your before-tax contributions for the year to make sure you won’t go over the limit (known as the concessional contributions cap) and to work out how much ‘room’ you have if you want to maximise your contributions for the year. You can check your available concessional contributions cap on ATO online services (accessed via myGov).
Please contact your employer and discuss salary sacrifice options with them.
You can find information to enable your employer to make salary sacrifice contributions by logging on to your account online. Login and then go to Grow my super, then Setup extra contributions. You will find the information you need under Before tax – Salary Sacrificing Setup.
Contribution limit. There is a limit on how much you can contribute to super each year. The current before-tax (concessional) contribution limit is $27,500 each financial year:
Includes: super guarantee (SG) contributions made by your employer, salary sacrifice and contributions for which you claim a tax deduction. If your employer pays your fees and or insurance fees, these also count towards your limit.
If your super balance is less than $500,000 at the end of the previous financial year you can carry-forward any unused cap since July 2018 for up to five years.
- Age considerations
- Under age 67 – no restrictions on making contributions
- Aged 67-74 – you need to meet the work test or work test exemption to contribute. In the 2021 Federal Budget the Government announced that the work test will be removed for this age group. This change has not yet been passed by Parliament.
To meet the work test you need to have done at least 40 hours of paid work in a consecutive 30-day period that financial year. The work test exemption is available to individuals aged 67-74, who had a total super balance less than $300,000 as at 30 June in the previous financial year, and met the work test for the previous financial year. The exemption can only be used once in your lifetime. You can’t make before-tax contributions once you reach the age of 75.
- TFN. If we don’t have your TFN, you may pay additional tax.
- *Tax treatment. Generally taxed at 15% in your super fund. If your combined income and concessional contributions are more than $250,000 you may have to pay extra tax on your contributions.
Claiming a tax deduction for personal contributions
If you make an after-tax contribution, you may be able to claim a deduction which will reduce your overall tax payable and may result in a tax refund. You’ll need to submit a valid notice to let your super fund know you want to do this before you lodge your tax return for the year you made the contribution or the end of the income year following the year you made your contribution, whichever is earlier. Your super fund will issue you an acknowledgement, reclassify your contribution as a concessional contribution and tax it at 15%*. Your contribution will then count towards your concessional contribution limit.
If you have a Suncorp super account, to claim a tax deduction for a contribution you’ll need to send us a completed s290-170 Notice of intention to claim a tax deduction (PDF) form. We’ll then send you the paperwork you need for your tax return.
Contribution limit. There is a limit on how much you can contribute to super each year. The current before-tax (concessional) contribution limit is $27,500 each financial year.
Includes: super guarantee (SG) contributions made by your employer, salary sacrifice and contributions for which you claim a tax deduction.
If your super balance is less than $500,000 at the beginning of the year you can carry-forward any previously unused concessional contribution caps since July 2018, for up to five years.
- Age considerations
- Under age 67 – no restrictions on making contributions
- Aged 67-74 – you need to meet the work test or work test exemption to contribute. In the 2021 Federal Budget the Government announced that the work test will be removed for this age group. This change has not yet been passed by Parliament.
To meet the work test you need to have done at least 40 hours of paid work in a consecutive 30-day period that financial year. The work test exemption is available to individuals aged 67-74, who had a total super balance less than $300,000 as at 30 June in the previous financial year, and met the work test for the previous financial year. The exemption can only be used once in your lifetime. You can’t make before-tax contributions once you reach the age of 75.
- TFN. If we don’t have your TFN, you may pay additional tax.
- *Tax treatment. Generally taxed at 15% in your super fund. If your combined income and concessional contributions are more than $250,000 you may have to pay extra tax on your contributions.
Downsizer contributions
If you sell your primary residence, you may be able to contribute up to $300,000 into your super from the sale. If you have a partner, you can both make downsizer contributions and together, you could contribute up to $600,000 to super.
If you have a Suncorp super account and wish to make an after-tax (non-concessional) contribution into your account with us, send us the ATO’s Downsizer contribution into super form
- You must be 65 or older when you make the downsizer contribution
- You must use the proceeds of selling your home for these contributions
- You must not have already made a downsizer contribution to your super by selling another home
- You or your partner must have owned the home for 10 years or more
- Your home must be in Australia and can’t be a caravan, houseboat or other mobile home
- The capital gain or loss must be fully or partially exempt from capital gains tax (CGT) under the main residence exemption, and
- You must make your downsizer contribution within 90 days of receiving the proceeds of sale (usually the date of settlement).
Downsizer contributions are not taxed by your super fund and they do not count towards the after-tax contribution limit.
Compare your options
Use our calculator to compare the benefits of making before-tax versus after-tax contributions.
Again, before making any decision about making contributions to your super account, speak with a financial adviser about whether adding to your super is right for you or visit the Government’s MoneySmart website for more information.
How to contribute
Making an after-tax contribution to your super is easy as paying a bill or making a deposit into your bank account – it takes less than a minute or two.
Make a BPAY payment from your bank account directly into your Suncorp super account, using the relevant biller code and your customer reference number which you can find in your online account or on your latest Annual Statement from us.
Biller codes:
After-tax contributions: 256602
Spouse contributions: 256628
You can set up an ongoing direct debit from your bank account by completing the direct debit request form (PDF) and sending it to us.
Pop into any Suncorp branch to contribute by cheque, cash deposit or transfer from another Suncorp account.
Recent announcements in the 2021 Federal Budget, including removal of the work test and lowering the eligibility age for making downsizer contributions, are not yet law and are not included in the information on this page.
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Paper option
Download & complete the rollover form and email it to us at super@suncorp.com.au.
MyGov instructions
Step1: Create a MyGov account, then link the ATO to your account. If you already have a MyGov account, just log in and click through to the ATO Section.
Step2: Go to the ‘Super’ tab.
Step3: Choose the fund you want to transfer your money from (called the ‘transferring fund’), and then fund you want to transfer your money to (called the ‘receiving fund’) from the funds listed.
Step4: Confirm your selection and your funds should move your accounts into one Account within three days.
Things you should know
* There are limits on how much you can contribute to super each year. Make sure you check the limits before contributing.
