Making super contributions.

When you stop work for good it’s fair to say you want as much super cash as possible for the lifestyle you want. Check out the ways you can give your retirement lifestyle a helping hand here and how to go about it – including salary sacrifice and spouse contributions for potential tax savings, and co-contributions by the Australian Government if your annual income is under $58,000.

Super payment methods.

Online, direct debit, cheque and BPAY®. See how in Super FAQS – how do I make my own contributions?

More than one way to grow your retirement booty.

There are a whole bunch of laws around how you can make super contributions and who can do it. Here they are in brief. If you want to dig deeper, we suggest you head to the Australian Tax Office’s (ATO) super website.

Employer contributions

This is the compulsory payment made by your employer if you’re a permanent or contract employee.

By law it’s 9% of your base salary, but some employers will pay more. Usually it’s specified in your workplace agreement.

Employer contributions are made quarterly, directly into your super account.

Personal contributions and consolidation

You can also make after-tax deductions, also called undeducted contributions. Remember, the more cash you put into your super, the more you’ll have come retirement time. All it could take is one or two less trashy mags a week to significantly change your final super figure.

You can make Virgin Super contributions whenever you like. See how it works in Super FAQS –> how do I make my own contributions?

And don’t forget to think about putting all your super in the one place – it’s your money, why whittle it away through multiple fees and costs?

How to consolidate super funds.

Salary sacrifice

Not nearly as painful as it sounds, this is where your employer pays part of your pre-tax salary directly into your super account (which means your salary is taxed at a lower rate).

Consider it a win-win situation of sorts – less tax and a retirement savings plan all in one.

Most employers offer salary sacrifice, and they deposit the dollars directly into your super fund.

Co-contribution

If you make personal contributions and earn under $58,000 p.a., the Australian Government will also contribute to your super (up to certain dollar limits). This includes self employed people who are now eligible for co-contributions. Check out our Better Super - Something for the self employed Fact Sheet for more info.

Visit the ATO’s website for more details.

Spouse contribution

You or your other half, provided you’re not in a same sex relationship, can make contributions on behalf of each other. If one of you has no income, or a low income, this may be offset against your tax. If you're a Virgin Super member and you'd like your other half to deposit dollars into your super, you can send us a cheque.

Visit the ATO’s website for more spouse contribution info.

Self-employed people

By law, you don’t have to make any contributions at all. But remember, it’s up to you as your own boss to set yourself up for the long haul.

Super guarantee credits

These are credits from old employer contributions or lost super that the ATO is holding on your behalf.

Credits can be transferred to you as soon as they’re identified as yours, and the ATO will get in touch with you about this.

If you’re a Virgin Super member and find out you’ve got credit, give us a shout and we’ll track it down and transfer the cash to your Virgin account.

Virgin Super members get regular contribution updates.

You can check your account online 24/7, plus we send out a snapshot every six months highlighting how much went in, by whom, and your current super account total. To read more about the goodies Virgin Super members get, check out member links and info.