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While many of us are focused on getting our tax returns ready as soon as 30 June hits, it’s important to use the time leading up the end of the financial year wisely, particularly when it comes to your super.

Here are a few things to know:

The different types of contributions and the caps that apply to each

There are two different types of contributions that can be made to your super:

Non-concessional contributions

The non-concessional (after-tax) contributions cap is $110,000 for the 2023/24 financial year.

There are a couple of ways to make non-concessional contributions.

For example, you can choose to make either a one-off payment via BPAY – all you have to do is log into your Qantas Super account and click the ‘Personal Details’ tab to find the Biller Code and Reference Number to make a contribution.

Alternatively, if you are currently employed at the Qantas Group, you can set up regular post-tax contributions via Payroll; this is similar to the process of setting up salary sacrifice contributions from your before-tax salary, however you’ll need to make sure to select the option to have the contributions made from your post-tax salary.

Concessional contributions

The concessional (before-tax) contributions cap is $27,500 for the 2023/24 financial year.

Contributions from your employer (including any fees or insurance premiums your employer may pay) and any before-tax contributions you make (such as salary sacrifice contributions, or contributions for which you claim a notice of intent), count towards this cap.

Qantas Super has specific rules about concessional contributions depending on your division. We’ve created a fact sheet on contributing to super for your division that explains these rules.

How you can maximise your different contributions

Depending on your situation and whether you fit the various eligibility criteria, you may be able to maximise your yearly caps in different ways.

Carry forward contributions

While the current annual cap for concessional contributions is $27,500 in the 2023/24 financial year, a special rule called the ‘carry forward’ rule can help you maximise this. It works by allowing you to make the most of any unused amounts under the cap from the previous five financial years.

For example, if you only had $10,000 in concessional contributions in 2022/23, this means you have $17,500 remaining under last year’s cap. You can bring this forward to 2023/24, giving you an adjusted cap of $45,000 for 2023/24.

But it’s important to note that you need to fit the eligibility criteria to make use of this rule – key among them is that your total superannuation balance was below $500,000 as of the previous 30 June. If you fit the bill, you can carry forward unused amounts over a rolling five year period, with unused amounts from the 2018/19 financial year the first you can carry forward. You can learn more via the ATO.

Triggering the bring forward rule

If you have a significant amount of money that you’d like to contribute to your super account in one go, the government has introduced a mechanism called the bring forward rule.

The bring forward rule currently allows eligible members under the age of 75 to make up to three years’ worth of non-concessional contributions in one year. Other eligibility criteria apply.

As the annual cap for non-concessional, or after-tax, contributions is currently $110,000, this means you could bring forward your cap from the 2024/25 and 2025/26 financial years to contribute up to $330,000 in this financial year.

Not sure how much space you have available? You can check how much you may be able to contribute across the carry forward and bring forward rules by logging into your ATO account via myGov.

How to check how much you've already contributed

It’s been a long year, so if you can’t remember exactly how much you’ve already contributed, don’t worry, we’ve got you. You can check how much you (and your employer) have contributed to your Qantas Super account by logging into your account, or giving us a call on 1300 362 967.

Just remember that we can only check how much has been contributed to your Qantas Super account, so if you have an account with another fund, we won’t be able to factor any contributions you made to that fund. All the contributions made across your accounts will count towards your contribution caps for the financial year.

You can check your totals across all accounts by logging into your ATO account via myGov.

The last day to make contributions via BPAY and have them processed this financial year

If you are looking to make a BPAY contribution before the end of financial year, your payment must be received and cleared by 6pm 25 June AEST to guarantee that it will be counted as part of this financial year.

Please consider bank processing times when making your payment.

How to claim a tax deduction for any post-tax contributions you made

If you fit the eligibility criteria, you may be able to claim a tax deduction for personal super contributions that you make from your after-tax income. To do so, you must give Qantas Super a notice of intent, and you must receive an acknowledgement in return before completing your tax return for the year.

This process effectively converts the post-tax personal contributions you make via BPAY in the financial year to pre-tax, or concessional, personal contributions.

Before making extra contributions

It’s important to remember that super is subject to preservation, which means the contributions you make will be put away until you hit preservation age and are then able to access your funds.

A Super Adviser can help you determine whether voluntary contributions are right for you.

What’s changing next financial year

As we wait for 30 June, we’ve also got an eye on what’s coming up once the new financial year starts on 1 July.

There are a number of big changes coming in 2024/25:

  • The Superannuation Guarantee, the amount that employers must contribute to your super as a percentage of your ordinary time earnings, will increase by 0.5 percent to 11.5 percent on 1 July
  • The non-concessional contributions cap will increase to $120,000
  • The concessional contributions cap will increase to $30,000

We're here to help

If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.

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