Top up my super

Investing extra money into your super is one way you can help set yourself up for a more comfortable retirement. Deposits of small change now can equal big savings later. For example, an extra $10 a week, could mean an extra $18,733 in retirement1

Decide which payment option works for you

There are two ways to make payments and top up your super. 

  • you can ask your employer to make payments for you as a payroll deduction.
  • you can make payments yourself via BPAY® or a bank transfer. 

Make a payment through my employer

Print out the Authority to deduct from my pay form. Fill in the form and give to your employer.

Make a payment with BPAY® or bank transfer

Log in to your bank account to set up a BPAY® or bank transfer payment. You can do this as a one off or a regular direct debit.

 

Things to consider

Before topping up your super you should consider what’s best for you. There are a range of ways you can boost your super.

  • Salary sacrifice contributions
  • After tax contributions
  • Government co contributions
  • Tax offsets.

Contributions and offsets may be subject to limits and criteria set by the government. Learn more about each strategy at the MoneySmart website.

If you’re aged over 65 and under 75, you must work at least 40 hours in any 30 consecutive day period during the current financial year to make after-tax contributions to your super. This is called the ‘work test’.

There’s an exemption for the work test if you have less than $300,000 in super. This means you can also make these contributions for up to 12 months after the financial year when you last met the work test, provided that we receive your contributions before 28 days after the end of the month in which you turned 75.  You also must not have used this exemption in a previous financial year.

If you’re unsure, don’t forget we’re here to help. You can give us a call on 13 64 63 or email help@mine.com.au 

If your needs are more complex, we can put you in touch with a financial adviser from Mine Super Financial Advice.  

 

1Calculation made using superguru.com.au calculator and based on a 35-year-old person putting an additional $10 each week into their super account, assuming 4.80% pa growth over 32 years calculation as at July 2019. 

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