Whether it’s topping up their balance after a stint away from work, reducing their taxable income, or making extra contributions in order to achieve a specific retirement dream, there are a variety of reasons why people may choose to make voluntary contributions to their super account.
We asked a few members of the Qantas Super team why they started making voluntary contributions, and the benefits they’ve seen in making those contributions.
As their experiences show, every person’s financial circumstances are different and you need to consider what is right for you. You can speak to one of our Super Advisers for guidance, or take a look at the government’s MoneySmart calculators.
The types of contributions you can make to your super
There are two types of contributions that can be made to super: concessional (or pre-tax) contributions, and non-concessional (or post-tax) contributions.
Important things to remember
There are caps to how much can be contributed to your super. In 2023/24, the concessional contributions cap is $27,500, while the non-concessional contributions cap is $110,000.
Before making extra contributions, also remember that your money will be locked away until you reach your preservation age, which could be decades away – so it’s important to think about how much you can afford to contribute.
There may be specific rules for your division about concessional contributions – you can learn more about what rules apply to you here.
We're here to help
If 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.