Boosting super before the end of the financial year
The end of the financial year may be an ideal time to make additional contributions to your super. Here are some contribution options to consider and rules to follow to maximise your super without incurring any penalties.
Understand the limits
The government limits the amount of money you can contribute to your super each financial year for which you may receive tax concessions. The first step before making any additional contributions is ensuring you do not exceed the limits the government has in place for the 2021-22 financial year including:
- Concessional contributions cap – Contributions made into your super fund before tax that attract the concessional rate of tax are capped at $27,500 p.a. Concessional contributions include superannuation guarantee payments, any employer funded insurance premiums, any salary sacrifice payments and any after-tax payments for which you later claim a tax deduction. Find out more.
- Non-concessional contributions cap – Contributions made into your super fund after tax are capped at $110,000 p.a. Find out more.
Concessional contributions for Defined Benefit members
Defined Benefit members can find the calculation of concessional contributions in Employer and Salary Sacrifice Contributions for Defined Benefit Member factsheet in the ‘Miscellaneous’ tab of the Defined Benefit section of your Plan’s microsite. Alternatively, it can be found in the Contribution caps and rules factsheet in the same section.
Contribution strategies
Depending on your age, income and how much you’ve already contributed, there are a range of contribution strategies to consider including:
- Salary sacrifice – You can make an arrangement with your employer to deduct money from your before-tax salary to make extra contributions to your super. Because of the concessional tax treatment for super contributions, salary sacrificing into super may be a way to boost your super balance and pay less tax. Find out more.
- Make an after-tax contribution and claim a tax deduction – You can make tax deductible super contributions by making a voluntary contribution from your after-tax pay, and then claiming a tax deduction. You can claim a tax deduction by logging into Australian Retirement Trust Member Online, or complete the ATO’s Notice of intent to claim or vary a deduction for personal super contributions form. Find out more.
- Government co-contribution – If you earn less than $56,112 (for 2021-22) and you make voluntary contributions, you could be eligible to receive up to $500 per year from the Government into your super account. Find out more.
- Spouse super contribution tax offset – If your spouse earns below $40,000 and you make contributions to their super, you may be eligible for a tax offset. Eligibility rules apply. Find out more.
- Downsizer contribution – Are you age 65 or over (scheduled to be lowered to age 60 or over from 1 July 2022) and thinking about downsizing your family home? The government will now allow you to contribute up to $300,000 (so $600,000 combined for a couple) of the proceeds of the sale of your family home, if owned for 10 years or more, into your super. Find out more.
Don’t miss the contribution deadlines
To ensure your contribution is credited to the account before the end of the financial year, please ensure you meet the following deadlines.
- Direct Debit – Please send forms and make online requests prior to 12pm Friday, 24 June 2022.
- EFT and BPAY – Please make transactions by Monday, 27 June 2022.
- Notice of intent to claim or vary a deduction for personal super contributions forms – Please ensure claims or variations are received by Thursday, 30 June 2022.
Would you like some advice?
Speak to your adviser. If you don’t have a personal financial adviser and you need advice about your Australian Retirement Trust account, Australian Retirement Trust also has qualified financial advisers1 who can help you over the phone with simple advice about your Australian Retirement Trust account. The service is included in your membership fee. If the advice you need is more complex or comprehensive in nature, we may refer you to an accredited external financial adviser2. Advice of this nature may incur a fee.
1 Australian Retirement Trust employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867) (SFS), wholly owned by the Australian Retirement Trust.
2 Australian Retirement Trust has established a panel of accredited external financial advisers who are not employees of Australian Retirement Trust. Australian Retirement Trust is not responsible for the advice provided by these advisers and does not receive or pay any referral fees. These advisers will explain to you how their advice fees are determined.
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Our approach to sustainable investing is guided by our fiduciary duty to members, our core investment beliefs, and our Sustainable Investment policy. In terms of our fiduciary duty to members, we aim to maximise members' real, long-term investment returns without taking undue risk.
We use our influence to encourage companies we invest in to manage ESG issues, and we collaborate with organisations, like Principles for Responsible Investment, GRESB and Climate Action 100+, to improve transparency and ESG practices.
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Ethical investing with Australian Retirement Trust
Our Socially Conscious Balanced Option is a sustainable investment option for Australian Retirement Trust Super Savings members.
Use your super for good
If you want to use your super for good and get strong long-term results, consider choosing Australian Retirement Trust’s Socially Conscious Balanced investment option for Super Savings accounts1.
The diversified ethical investment option invests in companies that work towards building a more sustainable future.
This option allows you to invest ethically without sacrificing performance.
Socially Conscious Balanced option to 31 December 20211
| 12.18% p.a over 3 years |
7.74% p.a over 7 years |
9.38% p.a. over 10 years |
1 Past performance is not a reliable indication of future performance. Returns may vary considerably over time.