Personal contributions are contributions into super using money you have already paid income tax on. Personal contributions are referred to as non-concessional contributions. If you have some other money (eg an inheritance or extra income) and meet the eligibility requirements detailed below, you can make personal contributions. You should ensure that your super fund has your tax file number (TFN) as without it, the fund cannot accept personal contributions into your account.
Please note, limits apply to the amount of non-concessional contributions that can be contributed into super. Non-concessional contributions in excess of the limit will be taxed at the highest marginal tax rate plus Medicare levy.
What are the benefits of personal contributions?
You don't pay any tax when you contribute the money to super, or when you withdraw it. You benefit by paying only up to 15% tax on investment earnings while your money is invested in super, compared to up to 46.5% (including the Medicare levy) income tax that may be payable on earnings from other types of investments. Please note, limits apply to the amount of non-concessional contributions that can be contributed into super, as discussed above.
It's important to note that all contributions made to superannuation funds and the investment earnings on these contributions on or after 1 July 1999 are preserved.
If you earn less than $61,920 per year and you are making personal contributions, you may also be eligible for a Government co-contribution.
Who can make personal contributions?
You are eligible to make personal contributions if:
- you are under age 65, or
- you are between age 65 and 74 and have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in the financial year in which the contributions are made.
Under Federal legislation you cannot make personal contributions after age 75.
To make personal contributions into VicSuper you must be a member of VicSuper Scheme or VicSuper Beneficiary Account. If you use BPAY® to make the contribution, the amount must be between $50 and $100,000 for each contribution.
How to start
There are four ways you can make personal contributions:
- via BPAY (limited to amounts between $50 and $100,000 for each contribution)
- by cheque or money order
- regular monthly payments via direct debit
- through your employer.
- First you need to be a member of VicSuper Scheme or VicSuper Beneficiary Account.
- Then either:
- obtain your BPAY reference number and the relevant biller code through your VicSuper MembersOnline account or by contacting our Member Centre on toll free 1300 366 216.
- Once you have these numbers, you can make a personal contribution into your super account using your financial institution's online or telephone banking services.
- Provided your BPAY contribution is made before your financial institution's processing deadline, VicSuper will allocate the contribution to your account on the same business day. If your BPAY contribution is made after your financial institution's processing deadline, VicSuper will allocate the contribution to your account on the next business day. Please check the processing deadline time with your financial institution, as times may differ. Please note, your financial institution may charge you to use BPAY.
- complete a Make a personal contribution directly to VicSuper form and forward it with your cheque to VicSuper, or
- complete a Personal contribution via direct debit form and forward it to VicSuper, or
- complete a Make personal and/or salary sacrifice contributions through your employer form (our employer is required to remit these contributions to VicSuper within 28 days after the end of the month in which the deduction takes place).
Download forms now!
All the forms listed on this page are available for download on our Forms page.