Grow Your Super
Giving your super a boost by making extra personal contributions to your REST or Acumen account is one way to help ensure you have as much money as possible in retirement. Learn more about:
Would you like to know how much super you could have to spend in retirement? Explore different ways to help boost your super balance with our Super and Retirement calculator
'After-tax' super contributions are personal contributions you make from your take home pay, that is, after your income tax is deducted from your salary. It doesn’t need to be a lot – just a few dollars from each pay now can make a real difference later.
If you're eligible, you could also receive a co-contribution where the government will contribute a maximum of $500 (conditions apply) for the 2015-16 financial year.
You can make payments into your REST or Acumen account via:
Make one-off or regular contributions from your bank account.
Your unique biller code and reference number are available in MemberAccess or on your member card.
Organise regular payments from your bank account or financial institution.
Payroll deduction (after-tax)
Ask your employer to make regular payments from your after-tax pay.
Make your cheque payable to Retail Employees Superannuation Trust.
Your spouse can help you save for retirement by making contributions on your behalf. If you are not earning an income, or if your salary is less than $13,800, your spouse may receive a maximum rebate of $540 for contributions up to $3,000 per year.
Spouse contribution payment
Make a spouse contribution into your REST account.
Contributions cap (after-tax)
After-tax contributions, also called non-concessional contributions, are tax-free up to a limit of $180,000 per year for the 2015-16 financial year. If you are under age 65, you can contribute up to $540,000 in after-tax contributions in one year by bringing forward two years' worth of contributions.
Contributions exceeding these limits will attract an 'excess non-concessional contributions tax', which is equivalent to the current top marginal rate plus Medicare Levy and the Temporary Budget Repair Levy.
Before-tax contributions (or concessional contributions) include your compulsory super guarantee (SG) contributions, other employer contributions above the SG and any voluntary salary sacrifice payments that your employer makes on your behalf.
Salary sacrifice is an arrangement between you and your employer where contributions are taken out of your pay, before income tax is deducted, and sent to REST on your behalf by your employer. Depending on how much you earn, this can be a tax-effective way of topping up your super.
Salary sacrifice (before tax)
Arrange with your employer to set up regular salary sacrifice payments.
Contributions cap (before-tax)
Before-tax contributions, also called ‘concessional contributions’, are taxed at 15% and include both salary sacrifice payments and the compulsory super contributions your employer makes.
The cap on concessional contributions is:
$30,000 cap for anyone aged under 50 during the 2015-16 financial year
$35,000 cap for anyone aged 50 or over during the 2015-16 financial year.
If you exceed the concessional contribution cap the excess amount will count towards your non-concessional contribution cap.
What type of contribution suits you? Explore contribution options with our contributions calculator
If you would like advice on how to aim to maximise every dollar you put into super, you can get in touch with Money Solutions* on 1300 300 778 or complete this online form and have Money Solutions contact you.
We will pay for advice about members’ first single, super related question over the phone with Money Solutions (subject to superannuation law).
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* Money Solutions Pty Ltd (AFSL 258145). Money Solutions personnel are not representatives of the Trustee. Any financial product advice given by Money Solutions is provided under the Money Solutions AFSL. The Trustee does not accept liability for any loss or damage incurred by any person as a result of using products or services provided by Money Solutions.