You’re eligible to receive superannuation guarantee (SG) contributions from your employer if you earn $450 or more in a month. If you’re under 18, you also need to work more than 30 hours a week.
These SG contributions are based on 9.5% of your 'ordinary time earnings' and are taxed at 15%. The SG rate will increased gradually each year until it reaches 12%.
You can make regular personal contributions into your super as either before tax (salary sacrifice arranged with your employer) or after tax contributions.You can also make lump sum contributions. Personal Contributions are subject to contribution caps and rules, for more information about the caps and the eligibility rules see Contribution Limits below.
Regardless of your employment status you may be eligible to claim a tax deduction on your super contributions. To claim a personal tax deduction, you'll need to advise us by completing and returning a Deduction for personal super contribution Form and indicating the amount you intend to claim.
Making contributions for your spouse helps build their superannuation benefit. You may also be eligible to claim a tax rebate.
Contributions must come from your after tax salary and you'll need to put in at least $100 to start the account.
If your spouse's income is less than $37,000 p.a. you can claim a tax offset of 18% of the super contributions (up to a maximum of $3,000 p.a.) made on behalf of your spouse. This gives you a maximum tax offset of $540 a year. The tax offset phases out for incomes between $37,000 p.a. and $40,000 p.a
Superannuation splitting lets you split your before tax superannuation contributions (employer sponsored or salary sacrifice) with your spouse.
It’s especially useful for couples when one spouse:
- isn’t working; or
- earns significantly less than the other; or
- has very high levels of superannuation compared to the other spouse; or
- is likely to have high levels of super in the future.
Contribution splitting is attractive if you're interested in a more tax-effective way of saving for retirement.
Contribution splitting gives eligible couples the chance to:
- Accumulate superannuation benefits more evenly over time
- Maximise combined tax free thresholds
- Take advantage of group insurance rates available for Energy Super account holders.
To find out if you're eligible or for details please refer to the How Super Works Guide.
You may be eligible to receive super co-contributions. If you make after tax contributions the Federal Government may also make contributions (co-contributions) if your income is below a prescribed threshold.
To find out if you're eligible or for details please refer to the Growing My Super Guide.
If you have more than one super account, transferring all your funds into your Energy Super account can save you time and money as well as boost your super savings. You’ll also have more control over your investment strategy.
Transferring all your funds into your Energy Super account is quick and easy by completing the Transfer You Super Form.
Learn more about the benefits of rollovers.
Energy Super offers the following flexible payment options:
BPAY® ─ You can transfer contributions directly from your bank account to your Energy Super account. Contact us on 1300 436 374 for your personal reference number.
Payroll deduction ─ You’ll need to speak to your employer to ask if you are able to make personal contributions to your super, and arrange deductions from your pay if you’re able to do so. These contributions can be after-tax (i.e. member voluntary) or before tax (i.e. salary sacrifice). More information on salary sacrifice please refer to the Salary Sacrifice Factsheet.
Cheque ─ You can make lump sum contributions by cheque. Simply make cheques payable to 'Energy Super' and enclose a completed Lump Sum Contribution Payment Form.
Electronic Funds Transfer (EFT) ─ You can make contributions by EFT. Just contact us for EFT details on 1300 436 374 and complete a Lump Sum Contribution Payment Form.
Direct Debit ─ An easy way to make regular voluntary contributions is by Direct Debit. Just complete a Direct Debit Request Form to nominate the amount you’d like to contribute. Contributions will then be deducted automatically from your bank account on a monthly basis.
There are limits to the total value of contributions you can make or receive without being charged extra tax.
Getting financial advice can help you work out how much extra you can contribute to your super without incurring additional tax.
The contribution caps for the 20120/21 financial year are:
Concessional contributions cap = $25,000
Non-concessional contributions cap = $100,000* - or $300,000 on a bring-forward basis if you're under age 65^* You can only make non-concessional contributions in the 2020/21 financial year if your total superannuation balance is less than $1.6 million. If your total superannuation balance is more than $1.4 million, you are exempt from the 'bring-forward' rule.^If you are under 65 (at any time during the financial year), you can bring forward up to two future years' entitlements by making non-concessional contributions in that year of more than $100,000. Where the 'bring-forward' rule is used, total non-concessional contributions made in the three-year period (starting on 1 July of the first financial year in which non-concessional contributions exceeded the cap) cannot exceed $300,000. For further information about contribution types and limits please read the How Super Works Guide
If you are 65 and older you can make a non-concessional (after-tax) superannuation contribution of up to $300,000 (total $600,000 for couples) from the proceeds of selling your home, which was your main residence and where the exchange of contracts for sale occurred on or after 1 July 2018.
For further information about Downsizer Contribution eligibility requirements and making a downsizer contribution please read the How Super Works Guide.
First Home Super Saver Scheme (FHSS)
The FHSS Scheme allows you to save money for a first home by making voluntary concessional (before-tax) contributions, including salary sacrifice and non-concessional (after-tax) contributions into your super fund.
Any contributions made from 1 July 2017 may be released up to a maximum of $15,000 for any one financial year and $30,000 in total across all years. You will also receive an amount of earnings that relate to those contributions.
You must meet the eligibility requirements to apply for the release of your savings. For further information visit the ATO website at ato.gov.au/fhss
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