Posted 20 June 2022
Tipping extra into your super, regardless how small, may add up over time. In looking out for your financial future, you may save on some tax at the same time.
Please keep in mind that contribution caps apply where contributions over the cap are subject to additional tax. Read more in our Contributing to your super reference guide.
To make sure your contributions (or withdrawal payments) are included in the FY21/22 year, please make sure we receive:
If you make an after-tax (non-concessional) contribution to your super, the government may make a tax-free contribution of up to $500 per year to your super. The amount you may receive depends on the amount of your after tax contribution and your income.
If your income is $41,112 or less for 2021-22, you may be eligible for up to the maximum $500 co-contribution. The maximum co-contribution reduces for higher incomes, and cuts out for anyone with an income of $56,112 or more. Other conditions apply, read more information on this initiative in our Co-contribution fact sheet here.
These are after-tax contributions that your spouse can make to your super (or vice versa). The contributing spouse may be eligible for a tax offset of up to $540pa if the receiving spouse’s income plus reportable fringe benefits and employer super contributions for 2021–22 is less than $40,000. Other conditions apply read our Reference Guide: Contributing to your super and the ATO’s Super related tax offsets | Australian Taxation Office (ato.gov.au)
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This information is provided by Commonwealth Bank Officers Superannuation Corporation Pty Limited (ABN 76 074 519 798, AFSL 2464180, the trustee of Commonwealth Bank Group Super (ABN 24 248 426 878). This article is general information only and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you, having regard to these matters, to act on the information. In addition, before making a decision about your super, please read the Product Disclosure Statement Member Guide and Reference Guides forAccumulate Plus at oursuperfund.com.au/pds.
Taxation considerations are general and based on present taxation laws and may be subject to change. The trustee is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009. You should seek tax advice from a registered tax agent or a registered tax (financial) adviser before making any decision based on this information or if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.
