If you earn under $36,021 p.a. (including any reportable fringe benefits or super contributions) in the 2016/17 financial year and make personal (after-tax) contributions of $1,000, you’ll receive the maximum Government co-contribution of $500, giving your super a boost.

The co-contribution reduces by 3.33 cents for every dollar of total income above the minimum threshold of $36,021 p.a. and cuts out altogether at $51,021 p.a. of total income.

Limits on personal contributions

Currently the limit on personal contributions is $180,000 per year or $540,000 over a three-year period if you’re under age 65. From 1 July 2017 this will to change to $100,000 per year or $300,000 over a three-year period if you’re under 65.

To start personal contributions

To make personal contributions, add a MyPay request on PeopleSoft Employee Self Service. For instructions on how to make or amend a MyPay request and a link to PeopleSoft Employee Self Service click below.

If you make pre-tax contributions into super (known as salary sacrifice contributions) they are generally taxed at 15%* which is lower than many people’s marginal tax rates. The potential tax savings on any voluntary pre-tax super contributions depend on the marginal tax rate you’re currently paying.

* Super contributions are taxed at 15% unless you earn $300,000 p.a. or more including any pre-tax super contributions. This earnings threshold is due to reduce to $250,000 from 1 July 2017.

Limits on salary sacrifice contributions

Salary sacrifice contributions are included in the concessional contribution limits. Currently these are $30,000 per year if you were under age 49 on 30 June 2016 and $35,000 if you were age 49 or over. From 1 July 2017 the limit will be $25,000 per year whatever your age. Concessional contributions include salary sacrifice contributions, contributions by ANZ and any other employers, and any contributions that you claim a tax deduction on.

To start salary sacrifice contributions

To make salary sacrifice contributions, add a MyPay request on PeopleSoft Employee Self Service. For instructions on how to make or amend a MyPay request and a link to PeopleSoft Employee Self Service click below.

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