Making extra contributions is a great way to boost your retirement savings. It could also help you reduce your tax. You may have different options depending on your age, how much you want to put in and your super balance. For more information, see growing your super.

Some of the main ways you can personally make extra contributions include:

• arranging with your employer to make salary sacrifice contributions. This may also reduce your overall taxable income
• making personal super contributions. This may also result in a government co-contribution of $500 if you are eligible
• having your spouse contribute super for you or splitting contributions with your spouse
• making a downsizing contribution into super if you are selling your home and are 65 years or older.

Before you make decisions about your super, you need to understand what’s best for you. This will depend on your income and personal circumstances.

It’s important to consider any consequences of making super contributions as too much super can mean extra tax.

In some circumstances the government can also make additional contributions to your super as a:

• super co-contribution
• low income super tax offset.

You don’t need to apply for these government super contributions. We will work out if you are eligible. If your fund has your TFN, we will pay it straight into your super fund account.

Last modified: 26 Oct 2021QC 23212

https://www.ato.gov.au/Individuals/Super/#Addingtoyoursuper