Super Contributions – Kogan Super

Super Contributions

Adding a little extra to your super today could make a big difference to your final balance and income when you retire.

There’s plenty of ways to help grow your super:

After joining Kogan Super, you’re ready to start receiving super contributions. Simply ask your employer to pay your super into your account.

Do this by filling out the Choice of Super Fund form and email it to them. Find it in the ‘Documents’ section when you log into your online account.

Choose Kogan Super
When you start a new job and don’t nominate a super fund, your new employer will most likely choose one for you. This can mean you end up with multiple super accounts, and paying multiple sets of fees.

Ask your employer to pay your super contributions into your Kogan Super account.

Do this by filling out the ‘Choice of Super Fund’ form and email it to them. Find it in the ‘Documents’ section when you log into your online account.

Choose Kogan Super
You can add to your super balance by making before-tax contributions with salary sacrifice or by claiming a tax deduction for personal super contributions. These are known as concessional contributions.

It’s a great way to boost your super balance and pay less tax. Concessional contributions make sense if your normal income tax rate is higher than 15%.
Income* Tax rate on before-tax contributions
Under $250,000 15%
$250,000 and more 30%
If you would like to salary sacrifice, simply tell your HR or payroll department how much you’d like to add to your super from each pay. For information about claiming a tax deduction for personal super contributions, call us on 1800 517 212 or read our Contributions Factsheet.

Read the Government limits on super contributions section to understand limits that apply.

Low Income Superannuation Tax Offset (LISTO)

Is your income less than $37,000 a year? The Government may pay up to $500 per financial year into your super if you also add some before-tax contributions.

You don’t even have to apply for it; the Australian Taxation Office (ATO) will automatically deposit the Government’s contribution straight into your super account. For more information, read our Government Contributions fact sheet.
A great way to build your super balance is by making extra contributions from your take-home pay. These are known as non-concessional contributions.

By putting more money aside now, you’ll have more super when you retire.

You can make after-tax contributions using BPAY®. Simply use the:
  • Biller Code: 289967
  • Reference Number – find this in the ‘Personal Details’ section by logging into your online account
Choose Kogan Super

Read the Government limits on super contributions section to understand limits that apply.

Government Co-contribution

By making after-tax contributions to your super, you could be eligible to receive an additional contribution from the Government. This is aimed to help lower income earners grow their super.

If you meet the ATO’s eligibility criteria and earn $52,697 or less*, the Government may add to your super in after-tax contributions.

For more information, please read our Government Contributions fact sheet.
The Government sets limits on the amount of before-tax and after-tax contributions you can make. These are known as contribution caps.

If you go over these caps, you may have to pay extra tax based on:

  • Your age;
  • The financial year your contributions were made; and
  • If you made before-tax (concessional) contributions or after-tax (non-concessional) contributions.
Learn more about contribution caps to avoid paying extra tax by reading our Contributions fact sheet.

Sharing is caring, especially when you share your super with your spouse.

If your spouse is on a lower income, or not in paid work for a while (such as taking time off to raise a family), this could mean their super isn’t growing quickly. Show you care by helping boost your spouse’s super.

After-tax spouse contributions

Adding to your spouse’s super can help them while also helping you save on tax. If their income is less than $37,000*, and you make an after-tax contribution of $3,000, you could get a $540 tax offset.

 

Spouse income*Tax offset on $3,000 spouse contribution
$0 to $37,000Full tax offset – $540
$37,001 to $40,000Partial tax offset – less than $540 on sliding scale
Over $40,000No tax offset – $0


You won’t receive any tax offset if your spouse has an income of over $40,000* or for contributions greater than $3,000.

Find out more by reading our Contributions fact sheet.

Pre-tax contribution splitting

You can transfer up to 85% of your before-tax contributions to your spouse. Your spouse just needs to be under 64 and not permanently retired, unless they meet the work test requirement.

Find out more by reading our Contributions fact sheet or call us on 1800 517 212 from 8:00am to 6:00pm (AEST) Monday to Friday.

For more information about our making contributions, read the:

*Income is the sum of your annual taxable income, reportable fringe benefits, total net investment loss and any before tax (concessional) contributions you’ve made to your super.