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Post GPO Box 264, Brisbane QLD 4001

Tax on super

Superannuation is the most tax-effective way of saving for your retirement.

The income of super funds is only taxed at 15%, which is below the marginal tax rates that apply to individuals (which range from 19% to 45%, plus the Medicare Levy).

That lower tax rate means your savings benefit more from compound interest – meaning a bigger lump sum when you retire. Some tax may apply when you put money into super, depending on whether a tax deduction has been claimed.

Does Brighter Super have your tax file number?

It's easier to keep track of your super if you provide us your TFN. You'll be able to make personal contributions, find lost super and have any rebates or allowances from the ATO paid straight into your account!

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Personal contributions

If you put money into super from your after-tax pay and don’t claim a tax deduction, then no tax is deducted. We can only accept personal contributions if you’ve given us your Tax File Number. Log in to Member Online to provide us your Tax File Number if we don't already have it.

No tax applies to spouse contributions.

If you are claiming a tax deduction for your personal contributions, then tax of 15% is payable. Although that will reduce the amount working for you in the fund, the contributions tax is still much lower than the marginal tax rates of most individuals.

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Money paid by your employer into super, including Superannuation Guarantee contributions and salary sacrificed amounts, is taxed at 15%. Higher-income earners (above $250,000) may be subject to higher rates of tax.

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Super earnings

Super fund earnings are taxed at a maximum rate of 15%. The effective tax rate is often lower, due to allowable deductions and certain tax credits.

Limits on contributions

There are limits on how much you can pay into super called Contributions Caps. Different limits apply for after-tax contributions and employer contributions (including salary sacrificed amounts).

Read more about Contribution Caps

Lump sum payments

Super is meant to provide you with income in retirement, so your money is usually not available for withdrawal until retirement. In limited circumstances, you may be able to make a withdrawal before retirement.

Learn more about lump sum payments

Get some advice about taxes

Like to learn more about the different rates of tax on super and what it means for your personal situation? Let us know and one of our advisers will be in touch.
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Consolidate your super

Save on fees and hassles by bringing all your accounts across to Brighter Super.

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Crunch the numbers

Use our retirement income calculator to get an idea of your future finances.

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