Voluntary Super Contributions

Voluntary Super Contributions.

Voluntary super contributions are extra payments you choose to add to your super fund, on top of what your employer contributes. Generally speaking, there are two main types of voluntary contributions:

Concesional tax contributions are made through salary sacrifice, which may reduce your taxable income. Essentially they are taken out before your tax bill in incurred. Non-Concesional contributions are paid from your take home money. THese are completely voluntary, where you log on to your super fund and make a payment because you find retirement important.

The governemnt also offers co-contributions for lower income earners who make after tax payments into their super. Even small volunatary contributions made early in your career can compound significantly over time, makign a meaningful difference to your retirement savings.