Contributing to your super

If having more money in retirement sounds good to you, you might be interested to know that there are more ways than one to top up your super.

Generally speaking, if you earn over $450 a month, your employer should be putting no less than 9.5% of your before-tax salary into your super under the Superannuation Guarantee scheme.

Meanwhile, did you know, contributions made into your super don’t have to stop there? There are more ways than one to boost your super savings, which you could start doing at any time.

How you could grow your super further

Salary sacrifice contributions

Salary sacrifice is where you choose to have some of your before-tax income paid into your super by your employer on top of what they might pay you under the Superannuation Guarantee. Learn more

Personal (after-tax) contributions

Personal (after-tax) contributions are made using after-tax dollars, such as when you transfer funds from your bank account into your super. Learn more
 

Tax-deductible contributions

These are also contributions you may choose to make using after-tax dollars, but the difference is you claim a tax deduction on these contributions when you do your tax return at tax time. Learn more

Government co-contributions

If you’ve made an after-tax contribution to your super, you might be eligible for a co-contribution of up to $500 from the government. The Superannuation Co-Contribution Scheme is an initiative that aims to assist low to middle-income earners save for their retirement.
Learn more

Spouse contributions

These are contributions you could make into your spouse’s super account, which you may want to do if they’re a low-income earner or not working at the moment. On top of that, you may be eligible for a tax offset of up to $540 depending on how much you contribute. Learn more

Downsizer contributions

These are contributions you could make into your super at age 65 or over (up to $300,000) using the proceeds from the sale of your main residence, regardless of super contribution limits and restrictions that otherwise apply. Learn more

 

What to keep in mind

  • If you exceed the super contribution limits, additional tax and penalties may apply.
  • The value of your investment in super can go up and down. Before making extra contributions, make sure you understand and are comfortable with any potential risks.
  • The government sets general rules about when you can access your super, which means you typically won’t be able to access your super until you retire.
  • If you’re 65 or over and making contributions, you generally need to satisfy work test requirements and be under age 75.
  • You can check your AMP super balance by logging into My AMP or by calling 131 267.

How you can contribute to super

Manage your AMP super

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Choose the right insurance for your needs

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Important information

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This information is provided by AMP Life Limited.  It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

All information on this website is subject to change without notice.  Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.