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How are contributions taxed? Employer contributions - contributions made by an employer to a member under an award or Superannuation Guarantee legislation are taxed at a rate of 15%. Salary Sacrifice - pre-tax contributions made by the member, are treated as employer contributions for tax purposes and are taxed at 15%. Voluntary Member Contributions - (made by the member after tax). As the member has already paid tax on this amount, it is not taxed within the super fund. Contribution surcharge - this tax was abolished by the Federal Government and is no longer payable. If outstanding surcharge payments are required, AESuper will deduct these from your account. Tax Deductions and Rebates Employers can claim a full deduction for contributions paid for employees from 1 July 2007. Please note that employees over the age of 70 are not covered by the Superannuation Guarantee. You can only claim contributions as tax deductions if they are otherwise eligible and the following conditions are met: • The contribution is made as a result of an industrial award or SG mandated contribution, or • You made the contribution within 28 days after the end of the month in which the employee turns 75. Members Self employed people can claim a full tax deduction for super contributions made from 1 July 2007. Employees usually cannot claim a tax deduction for their voluntary contributions, but if their income as an employee is less than 10% of their total assessable income the same deduction applies as for a self-employed person. Co-Contributions - members whose Adjusted Taxable Income (ATI) is $28,980 or less this financial year are eligible to have their voluntary (undeducted) contributions matched by the government to a maximum of $1,500. This co-contribution is phased out when your Adjusted Taxable Income reaches $58,980. Please refer to the Co-Contributions page for further details Please Note: We want to help you make the most out of your super. General information about super is provided throughout our website. It's important to remember this information does not take into account your personal objectives, situation, or needs. Before making a decision about AESuper, you should consider your own requirements and the Product Disclosure Statement. Download here or call us on 1800 555 024 to request a copy.
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