Personal after-tax contributions – a gift to your future
Personal after-tax contributions are another way to contribute to your super. Adding a bit more early on can make a difference to your super because of the long-term benefits of compound interest.
These contributions can take the form of a one-off, lump sum payment to your super account, or they can be a regular amount deducted from each pay or bank account. You can also make these contributions via BPAY, direct debit, cheque or money order.This type of contribution generally doesn’t incur any further tax once it reaches your super account.
Who can make personal after-tax contributions?
You are eligible to make personal contributions if you are under 75. Further conditions apply, you can review these in our Member Guide.
Know your limits
Before you start making additional contributions, it's vital to review all of the super contributions you make to ensure you stay within the caps and aren't charged additional interest and tax.
How much is the cap?
These contributions fall under the after-tax (non-concessional) contributions cap. In the 2019/20 financial year, you can contribute up to $100,000 ($300,000 over three years if you are aged under 65) in personal, after-tax contributions into your super account – tax-free as long as your total super balance was less than $1.6 million on 30 June 2019. The non-concessional contributions cap applies across all super accounts you may have, not just VicSuper.
You can find out more about contribution caps in our Member Guide.
There are lots of ways to make a personal after-tax contribution to your VicSuper account.
Don't sit there wondering - our team members are here to help!