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To increase your super, you can add to your super by making your own contributions in addition to the mandatory contributions made by your employer. You may be able to ‘salary sacrifice’ to super from your before-tax income or contribute to super from your after-tax income. There are limits called ‘caps’ on the amount you can contribute to your super each financial year without having to pay additional tax. If you contribute more than these caps, you may have to pay additional tax. If you are planning on contributing more than $27,500 to your super (including employer contributions), seek advice from a suitably qualified professional.
| Scenario | Super Contribution | Income Taxable | Super Tax (15%) | Net Super Contributed (After Tax) | Impact on Super | Impact on Take-Home Pay | Total Contributed to Super |
|---|---|---|---|---|---|---|---|
| Minimum Super (Compulsory SG 11%) | $11,000 (on $100,000) | $100,000 | $1,650 | $9,350 | Employer contributes $11,000 to super | Full $100,000 taxed as income | $11,000 |
| With Salary Sacrifice (Extra $10,000) | $21,000 (incl. SG + Sacrifice) | $90,000 | $3,150 | $17,850 | Employer contributes $21,000 to super | Reduces taxable income by $10,000 | $21,000 |
| Over Cap Limit (Extra $10,000 Over Cap) | $31,000 (incl. SG + Sacrifice + Cap Excess) | $100,000 | $4,650 | $26,350 | Excess contributions taxed at marginal rate | Excess contributions taxed at marginal rate | $31,000 |