Add to your super
What are after-tax contributions?
After-tax super contributions are the amounts you contribute to your super fund from your after-tax income (your take-home pay). These contributions are in addition to any compulsory super contributions your employer makes on your behalf.
The below list contains different names for this type of contribution. They all mean the same thing - that you're paying money to your super account after your income tax has been deducted (e.g. from your bank account), and you aren’t claiming a tax deduction for the amount.
- after-tax; and
- non-concessional contributions.
You can make voluntary contributions as often as you like, up to the cap amount.
What are the benefits?
- Investment earnings in your super fund are only taxed at 15%, up to the cap amount, not your marginal tax rate
- A flexible way to boost your balance
- You can reap the benefits of compounding interest
- The 20-2021 annual cap for after-tax contributions is $100,000, and you might be able to use the bring-forward rule to contribute up to $300,000 in a single year. (note: caps will be increasing in the 2021-22 financial year)
- You could qualify for benefits such as the government co-contribution or the spouse contributions offset
- It can boost the tax-free part of an allocated pension in retirement
- It can minimise tax paid on a death benefit to non-dependant adult children.
- You can choose to claim a tax deduction in which case the amount claimed is re-classified as a concessional contribution.
How to make a contribution
You can make one-off or ongoing payments through your personal bank account.
BPay Biller Code: 29728
BPay Reference Number: This is unique to each member. Logon to MemberAccess or view your last statement to find it.
Electronic Funds Transfer (EFT)
Bank account name: legalsuper
Bank: Westpac Banking Corporation
Account number: 560011
Description: Your legalsuper member number
SWIFT code (for overseas transfers): WPACAU2S
Branch address: Corner of Pitt & Bridge Streets Sydney, NSW 2000
You must include your membership number in the transaction description. We cannot allocate your payment without this.
Set up automatic monthly Direct debits from your bank account to your legalsuper account by completing and returning this direct debit request form.
To cancel your Direct debit, you need to advise us in writing at least three business days before the date we will debit your bank account.
Post a cheque
You must make your cheque payable to “legalsuper” to enable us to cash it.
Add your name and member number to the back of the cheque.
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Real-time Gross Settlement (RTGS)
We accept RTGS payments. To arrange a contribution by RTGS you will need to contact your bank and provide them with the same details as an EFT payment. Please remember to include your membership number in the transaction description.
If you make a contribution, but we can't determine the owner of the contribution, we are obliged to remit the contribution to the Australian Securities and Investments Commission (ASIC). If you're paying by EFT or cheque, you must include your member number so we're able to identify your account, and allocate your contribution.
Watch our webinar on the fundamentals of super contributions
To book an appointment to discuss your super with an experienced Client Service Manager in your region, send an email with your name, state and preferred contact details to firstname.lastname@example.org and we will be in touch.