1. Personal after-tax contributions

Personal after-tax contributions

Contribute extra to your super from your after-tax salary to help achieve your financial goals for retirement

Making extra payments can help you boost your super and may help you enjoy a more comfortable retirement.

Putting aside extra money for your retirement, no matter how small the amount, can make a big difference. So it’s worth thinking about personal contributions (often called voluntary contributions) which are made into your super account from your after-tax income. 
 
What are the benefits?

Making personal (voluntary) contributions on top of employer contributions can make a difference to your lifestyle in retirement.

After-tax contributions are those you make from your take home pay (once income tax has been deducted) and which you do not claim a tax deduction for.

You can also make after-tax contributions as a regular direct debit from your bank account, as a lump sum amount or as a series of contributions. As these contributions come from your after-tax pay, they are not taxed when received.

How do I contribute?

To make after-tax contributions to your MTAA Super account you can: 

  • Make a direct payment to MTAA Super via BPAY or EFT.  For details, login to your account via Member SuperSite.
  • Set up a direct debit from your financial institution. Complete the Voluntary Contribution Form or call us on 1300 362 415.
  • Ask your employer to deduct amounts directly from your after-tax salary and remit it with their regular super contributions.

Is there a contribution limit? 

There are limits to the amount of after-tax (non-concessional) contributions you can make. You can contribute:

  • up to $100,000 each financial year, or
  • up to $300,000 over a three-financial year period, if you're under age 65, unless you have a super balance over the transfer balance cap of $1.6 million, then you can’t make any additional after-tax contributions.

In addition, if you exceed the transfer balance cap, you are unable to receive the government co-contribution. These caps apply to each individual, not per fund. 

Note: You can only make after-tax (non-concessional) contributions to your account if you have provided us with your Tax File Number (TFN).  

For more information, refer to the Super Guide or call us on 1300 362 415. .

Note: The Federal Government intends on introducing a scheme which will allow retirees aged 65 and over to contribute some or all of the proceeds from the sale of their principal place of residence (held for a minimum period of 10 years) into super in addition to their non-concessional contribution caps. This initiative is not yet law

 

General Advice Warning

This information on this website is provided by Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628, AFSL 238 718) of Level 3, 39 Brisbane Avenue BARTON ACT 2600, Trustee of the MTAA Superannuation Fund (ABN 74 559 365 913). Motor Trades Association of Australia Superannuation Fund Pty Ltd has ownership interests in Industry Super Holdings Pty Ltd and Members Equity Bank Limited (ABN 56 070 88 7 679).

The information contained in this website is correct at the time of publishing. It is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. If you are considering acquiring or continuing to hold a particular financial product, you should obtain the Product Disclosure Statement relating to the product and consider it before making any decision. The MTAA Super Product Disclosure Statement is available on this website, or by telephoning the Customer Service Centre on 1300 362 415.

Disclaimer

This site is for general information purposes only and is not intended to be relied upon for the purpose of making an investment decision.

MTAA Super recommends that potential investors seek independent financial and taxation advice before making any investment decisions so as to determine whether an investment is appropriate, given the investor’s investment objectives, financial position and needs.

Applications for membership can only be made on the basis of the application form attached to the current PDS. Any person who gives another person access to the application form must at the same time and by the same means give the other person access to the relevant PDS and any supplementary document.