Extra contributions

You don’t have to contribute extra to super, however doing so may be a good idea as your retirement savings may need to last you 20 years or longer. Even small regular amounts can grow to have a bigger impact on your retirement over a long investment period.

Contributing members can make extra contributions in the following ways:

Contribution caps:

Don't forget to consider the concessional and non-concessional contribution caps when making extra contributions. See the Australian Taxation Office website for more information.

More

Non-contributing members are not able to make extra contributions into the PSSap.

Personal (after tax) contributions

These contributions are made from after tax money which may also qualify you for a government co-contribution. There are three ways to make personal (after tax) contributions.

More information

BPAY

BPAY is good for contributing lump sums or adding extra every now and then.

Login to PSSap Member Online, click on ‘contributions’ and follow the prompts to generate your BPAY and customer reference number.

Once you have obtained your customer reference number, you can make a payment online by logging into your financial institution.

You will need a password to use PSSap Member Online. If you do not have a password or have misplaced it, please contact us during business hours.

Learn more about how to use BPAY.

Employer

Set up an arrangement through your employer to contribute regular amounts to super. It can be easier to add small amounts regularly than to save larger once-off amounts.

Ask your employer to deduct super contributions from your after tax salary. Simply contact your personnel section or payroll department. If you wish to contribute before tax amounts to super each pay period, ask about your salary sacrifice options.

Cheque or money order

Send your payment to PSSap using our address details on the contact us page. Please remember to also provide your full name and membership number.

Claiming tax deductions:

You may be able to claim a tax deduction for contributions made into your PSSap account if you are not in the workforce, or are self-employed, or your income from employment is less than 10% of your total assessable income and reportable fringe benefits. For further information about this type of contribution, and to download the Australian Taxation Office (ATO) Intent to claim a Deduction for super contributions or vary a previous notice form refer to www.ato.gov.au. The completed form should be posted to PSSap.

More

Salary sacrifice (before tax) contributions

Salary sacrifice payments are before tax contributions which are taxed at 15% on entry to your account. 

What are the benefits of salary sacrificing?

Salary sacrifice payments are before tax contributions which are taxed at 15% on entry to your account. This means that if your income is taxed at more than 15% (rates range up to 47%), you may pay less tax (only 15%) on any before tax contribution you make.

Does it mean I get paid less each fortnight?

If you salary sacrifice super contributions you will have less take home pay each fortnight. However, this may be a tax effective way to save for your retirement if your personal tax rate is greater than 15% as the amount going into your super may be more than the amount your take home pay is reduced by.

The amount you decide to contribute is entirely up to you, so you can make sure it’s affordable and within your budget.

How do I set it up?

Most departments and agencies allow salary sacrificing but it’s best to confirm with your employer. You should keep in mind that it may be handled via a third party arrangement, not your employer.

If salary sacrificing is an option, you can instruct your employer or relevant third party to deduct your nominated salary sacrifice amount from your regular pay. Once it’s set up, the nominated amount will automatically be deducted from your salary and deposited into your PSSap account until you ask them to stop.

Spouse contributions

Additional payments can be made into your account by your spouse, including a de facto partner of the same or opposite sex. These contributions are called ‘eligible spouse contributions’. Your spouse does not have to be a member of the PSSap to make contributions to your account.

Your spouse can make contributions for you directly to your account through PSSap Member Online.

Co-contribution

If you are a low-to-middle income earner, the Australian Government may help to boost your super savings through the super co-contribution payment.

Eligible individuals can take advantage of the co-contribution payment by making personal super contributions to their super fund. The government will then match your contributions up to a maximum amount.

Eligibility requirements include earning below a maximum income threshold, making a personal contribution to super in the income year and lodging your tax return.

Any co-contribution amount paid into your account will be shown on your annual benefit statement for the relevant financial year.

For more information about the super co-contribution payment, including eligibility and how much you might get, visit the Australian Taxation Office website.

Low income superannuation contribution (LISC)

The LISC is 15% of the concessional (before tax) super contributions you or your employer pays into your super fund for the 2012-13 to the 2016-17 financial years. The maximum payment you can receive for a financial year is $500, and the minimum is $10. If you're eligible for less than $10, we will round this up to $10.

For more information visit the Australian Taxation Office website

Note

If you are aged between 65 and 74, we can only accept contributions for a financial year if you satisfy the work test for that year — which means that you must have worked at least 40 hours in a period of not more than 30 consecutive days in the financial year. 

The superannuation guarantee age limit has been abolished and contributions can be received for members aged 75 and over.