Super Toolbox
Voluntary contributions
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Many people make voluntary contributions into their superannuation accounts from their after-tax income to top up the amount paid in by their employers.
Contributions can be made in the following ways:
- Direct payment to MTAA Super
- Direct debit from your financial institution
- Ask your employer to deduct the amount from your after-tax salary and remit it with their regular monthly contributions
These contributions will count towards your non-concessional contributions cap, which is generally $150,000 pa. Alternatively, if you are under age 65, you can make three years worth of these contributions in a single year (ie up to $450,000), but this will prevent you from making any further after-tax contributions for the following two years. The non-concessional contribution cap applies per member, not per fund. If you exceed this cap, tax will be payable on the excess contributions at the top marginal rate.
Who can contribute?
Under superannuation law, MTAA Super can accept voluntary contributions depending on your age.
Under 65 | Voluntary contributions can be accepted, regardless of your employment status |
65-74 | Voluntary contributions can be accepted, provided you have been gainfully employed at least 40 hours in any period of not more than 30 consecutive days during the financial year in question |
75 and over | Voluntary contributions cannot be accepted |