Lump sum contributions
If you’ve come into some money—perhaps sold an investment property or received a bonus at work—you might top up your retirement savings with a lump sum deposit. Remember, you can access it as tax-free income once you’re over age 60.
Lump sum after-tax contributions are called non-concessional contributions and limits apply. Since 2017/2018 the limit is $100,000 per person per annum (provided they have met the work test*) or $300,000 per person averaged over three years for anyone less than 65 years.
From 1 July 2017, this “bring forward” amount is dependent on your total super balance on the day before the financial year in which the contributions are made to trigger the bring forward. Transitional arrangements apply if you triggered a bring forward prior to the 2017/2018 financial year.
It’s important to remember that you generally cannot access any money you contribute to super until you reach your preservation age and retire.
How to make a personal contribution
There are three ways you can make a personal contribution:
- Making a payment via BPAY®.
Our biller code is 18622. You can find out your reference number by logging into the secure member area or give us a call us on 08 9480 3500.
- By cheque, in person or by post.
- By making arrangements with your employer to make an after-tax payment.
*The work test requires individuals to work 40 hours or more during a consecutive 30 day period in the financial year.