After tax contributions
Adding to super from your take-home pay or personal savings, after income tax has been paid. Take a look at the benefits, caps, how to make contributions & what to do if you decide to make a tax deduction.
What are after-tax contributions?
An after-tax super contribution is money you add to your super account from your after-tax income (e.g. your take-home pay, savings, inheritance or the sale of assets).
Sometimes, these types of contributions can be called
- after-tax; or
- non-concessional contribution.
They all mean the same thing - that you're paying money to your super account after your income tax has been deducted and you aren’t claiming a tax deduction for the amount.
What are the benefits?
The benefits include:
- 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 annual cap for after-tax contributions is $110,000, and you might be able to use the bring-forward rule to contribute up to $330,000 in a single 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; and
- You can choose to claim a tax deduction to pay & pay a contribution tax of 15% instead of your marginal tax-rate.
Who can contribute to super?
There are eligibility requirements regarding who can contribute to their super account, and there are caps on how much can be added. Find out how much you're allowed to add to your super.
Claiming a tax deduction on after-tax contributions
If you've decided to boost your super with an after-tax contribution, you could be eligible to claim a tax deduction. A tax deduction could reduce your assessable income and generally means that your contribution will be taxed at 15% instead of your marginal tax rate.
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.Direct debit request (91.57 KB)
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.
Locked bag 5081
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.