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.
All Australians employed as a PAYG employee can earn superannuation within the following parameters:
- At least 18 years old;
- Paid $450 (before tax) or more in a calendar month; and
- A full-time, part-time or casual worker.
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.
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:
- Employer contributions, or Superannuation Guarantee (SG) Contributions
- Rollovers from other funds
- Salary sacrifice
- Voluntary contributions
- Government co-contributions
You can learn more about contribution types in the building your super section.