How to set your super up for the new financial year

Now is the perfect time to think about your contributions for the financial year and speak to a Super Adviser to determine whether you’re in the position to maximise either your concessional or non-concessional contributions.

The concessional (before-tax) contributions cap is $27,500 for the 2022/23 financial year.

Contributions from your employer, along with 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.

You can see both how much you and your employer contributed to your Qantas Super account in the previous financial year, and how much has been contributed so far since 1 July.  Once you’ve done this, you can then broadly forecast how much you and your employer will contribute by the end of the year, and how much space you may have remaining under the cap by 30 June 2023.

A Super Adviser can help you calculate these figures and determine whether making any extra voluntary contributions is right for your situation.

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.

While the current annual cap for concessional contributions is $27,500 in the 2022/23 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 previous financial years.

If your total superannuation balance is below $500,000 as of the previous 30 June, and you fit the eligibility criteria, 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.

The non-concessional (after-tax) contributions cap is $110,000 for the 2022/23 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 or set up regular 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 select the option to have the contributions made from your post-tax salary.

Alternatively, non-concessional contributions can also be made 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.

You may want to consider:

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. Please note that your notice of intent must be signed by hand – it cannot be signed digitally.

Depending on your marginal tax rate and income, claiming a tax deduction for personal super contributions could give you an advantage at tax time.

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.

As at 1 July 2022, the bring forward rule 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 2022/23 and 2023/24 financial years to contribute up to $330,000 in one financial year.