Making super contributions

Depending on your current employment – PAYG, self-employed, etc. - you may or may not have contributions made towards a super fund. Regardless of your employment type, it’s important you take the time to look at how you will build your financial future. Find out more about making contributions based on your current employment.{sub-heading}

PAYG

All Australians employed as a PAYG employee can earn superannuation within the following parameters:

At least 18 years old; and
A full-time, part-time or casual worker.

First Home Buyer Super Saving Scheme

The first home super saver (FHSS) scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation.

You can save through making voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home.

It is important to note you must stay within the concessional and non-concessional contribution limits each financial year.

For full details of the FHSS can be found on the ATO website.

Sole trader or self employer

If you're a sole trader or in a partnership, you don't have to make Super Guarantee (SG) contributions for yourself. While it’s not compulsory, you can choose to make personal super contributions as a way of saving for your retirement.

There are also great government benefits to help you save for your retirement.

Self-employed

You can choose whether or not you want superannuation if you’re self-employed, but it’s a great way to save for your retirement.

In most cases, you can claim a full tax deduction on contributions made up the concessional contributions cap, provided you are under age 75. Directors who receive salary or wages are generally entitled to superannuation contributions from their employer, provided they meet the eligibility requirements.

Contractor

If you’re a contractor that’s hired solely or mainly for your labour and you’re not free to work for other businesses, your employer may have to pay your superannuation contributions, regardless of whether or not an Australian business number (ABN) can be quoted.

Super contributions and rollovers

One of the smartest ways to manage your super long term is to contribute to your fund regularly. There are different contribution types that help build your super: