If you have worked in New Zealand and have a KiwiSaver account, it’s possible to transfer those savings across the ditch if you have since moved to Australia. Just don’t expect it to be easy.
Making superannuation contributions
A Super Guide
There are two basic types of super contributions you can make: concessional and non-concessional. Concessional contributions are made from before-tax income and are taxed at 15% in your super fund. Non-concessional contributions are made from after-tax income and are not taxed in your super fund.
Common examples of concessional contributions include:
- compulsory employer superannuation guarantee contributions,
- salary sacrifice arrangements, and
- any personal super contributions that you claim as a tax deduction.
Common examples of non-concessional contributions include:
- voluntary additional payments made from your take-home pay,
- any made on behalf of your spouse (married or de facto),
- a government co-contribution, and
- the Low Income Super Tax Offset (LISTO).
There are annual caps (limits) on the amount of concessional and non-concessional contributions you can make. If you exceed these limits, you’ll be liable to pay extra tax.
The concessional contributions cap is currently $25,000 per year (unless you are eligible to use the carry-forward rule), and the non-concessional cap is $100,000 (unless you are eligible to use the bring-forward rule).
Click on the links directly below to access the following topics about making superannuation contributions:
- Superannuation contributions strategies
- 2018/2019 Contributions Guides
- Super contributions caps
- Superannuation Guarantee (SG)
- Salary sacrifice and super
- Tax-deductible super contributions
- Spouse contributions
- Total superannuation balance
- Contributions tax
- Excess contributions
Learn more about making super contributions in the following key SuperGuide articles:
Set out below are all SuperGuide articles that relate to Making superannuation contributions.
How do I transfer a UK pension to an Australian super fund?
If you’re thinking of transferring a UK pension into an Australian super fund, the process has become much more difficult in recent years, but not impossible.
4 strategies to help fix your total super balance problem
Having a total super balance of $1.6 million can create real problems. If you want to add more to your super account, here’s four strategies to consider.
How do tax-deductible superannuation contributions work?
Making a tax-deductible super contribution can be a great way to boost your retirement savings. Find out whether they could be the right strategy for you.
What on earth is an in-specie transfer?
Most super fund members are familiar with the process of making contributions to their super account. However, they may be less familiar with the process of transferring an asset such as property or shares in or out of their fund without any money changing hands. We take a look at the pros and cons of in specie transfers relating to SMSFs.
Salary sacrifice and super: How does it work?
From 1 January 2020, your salary sacrificed super contributions can’t be used by your employer to reduce their SG payment obligations, regardless of the amount you elect to salary sacrifice.
Beginner’s guide to making super contributions
Building a sizeable retirement nest egg can take some effort, but a recent study by Roy Morgan found only 18% of employees with super currently have more than the compulsory 9.5% of their salary or wages going into their super fund account.
10 hidden perks that make your super account even better
Besides being a great way to save for retirement, Australia’s super system offers some valuable – but little-known – benefits for super fund members. Here’s our list of the top 10 super benefits and how they can help improve your financial situation.
10 ways myGov can help you master your super
As part of ongoing improvements by the ATO, members of most super funds can access additional online information about their super accounts. Find out what information is available and how you can use it to better manage your super savings.
Why big super funds diversify and what you can learn from it
Diversification can be one the biggest protections against investment risk. We look at how smaller investments can learn from what the big funds do.
Find out about the new contribution rules that help bump up SMSF balances and reduce tax
We look at two strategies that can help boost your SMSF and reduce your taxable income.
The pros and cons of investing your inheritance into super
Is it better to use an inheritance to pay off the mortgage, invest, or put it into super? We look at what you need to weigh up before you choose.
2019/2020 guide to non-concessional contributions (after-tax super contributions)
You can make contributions into your super account from your take home pay or money outside the super system. Since these contributions have already been taxed before you contribute them to your super account, they are not treated concessionally and are called non-concessional contributions.
Work test: Making super contributions over 65
The key thing to understand about the work test for super contributions over the age of 65 is that you need to be ‘gainfully employed’ on at least a part-time basis to pass the work test.
2019/2020 guide to concessional contributions (before-tax super contributions)
Although it can be difficult getting your head around all the different types of super contributions that go into your super account, concessional contributions are the ones you are mostly likely to have and are pretty straightforward to understand.