Reportable employer superannuation contributions are additional to the compulsory contributions your employer must make. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. External Link. It includes information sourced from: the income tax returns of individuals, companies, super funds, partnerships and trusts. The fundamentals behind the ‘carry forward’ unused cap rules are outlined below. Estimating your super. Division 293 tax may reduce the tax concession on super contributions for individuals. ASIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions. Key takeaways: Concessional contributions are contributions made into your super before-tax. But there’s a catch – your total superannuation balance must have been less than $500,000 at June 30, 2022. 5% of Adnan's salary. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). DECEMBER 2022 Page 1 of 4 Claiming a tax deduction for personal super contributions CLAIM A TAX DEDUCTION 1 Complete the Notice of intent form on pages 3 and 4. Your total income for 2021–22, was less than $56,112. If you have paid super guarantee late, you are: required to lodge an SGC statement; liable to pay the super guarantee charge (SGC). Payments from super. How super is taxed. Carmel is 46 years old and her income is $38,000 in 2021–22. Super contributions to defined benefit and constitutionally protected funds. From this tax, there. If the ATO advises the employee does not have a stapled super fund, you can make the payment to yourYou can contribute to your super if you are over 65, but there are different rules that apply if you are 67 or older. online. 7 million. the total of your contributions for your spouse for the year. under 18 years old, you pay it if they work more than. you will have to pay Division 293 tax, which applies when your combined income and concessional super contributions for Division 293 purposes is more than $250,000. However, if the cap is exceeded, they may need to pay extra tax. Australia's superannuation system is the main way most people save for their retirement. 7 million in super on June 30 of the previous financial year. SuperStream. If they wanted to add more to Jenny’s super, they could split the contributions by adding $300,000 to Jenny’s super and $100,000 to Tom’s super. You can look these up through: You can also use the online service, EmployerTICK, to validate employee details. General concessional contributions cap. Employee age – for employees who are. small business retirement exemption. These contributions are taxed at 15%. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. Make sure your super fund has your tax file number (TFN). the matching rate was set at 50%. the maximum co-contribution entitlement was set at $500. Ben’s concessional contributions cap. Division 293 tax may reduce the tax concession on super contributions for individuals. Maximum spouse contributions eligible for the tax offset. Module 3: Setting up super for your employees. use our Report unpaid super contributions from my employer tool to let us know your employer has not been paying enough super. super fund details before making a super contribution. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. You can choose to make personal super contributions to save for your retirement. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. There are 2 types: Reportable employer superannuation contributions; Reportable personal concessional contributions. au. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Sam will sacrifice. If your total income is between $43,445 and $58,445 in the 2023/24 financial year, your maximum entitlement will reduce progressively as your. If not: contributions are taxed an additional 34%. Super paid after a person's death is called a 'super death benefit'. However, super contributions you make for an associate of an employee are subject to FBT. See further details of official superannuation rates (including superannuation guarantee rates, thresholds and caps) from The Australian Taxation Office (ATO). ExamplesDefinition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. Part of your obligations as an employer is to pay super guarantee (SG). The MSCB for 2023–24 is $62,270 per quarter ($249,080 per year), which equals a maximum SG contribution by your employer of $6,849. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) arranging for your spouse to. on the investment earnings in the fund, which in the. phone on 13 10 20 between 8:00 am and 6:00 pm local time Monday to Friday. contributions you make to a foreign super fund for super benefits for an employee where the employee is a temporary resident when the contribution is made payments you make to a retirement savings account held by an employee. This is the maximum you can contribute in any one financial year. Your employee benefits because the salary-sacrificed amount is: taxed in the super fund at the concessional rate of 15%, which is usually less than the PAYG tax rate. Step 4: Report unpaid super. Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. super calculated on salary and wages (including any overtime) any choice liability, based on the shortfall and capped at $500. Unused cap amounts can be carried forward for up to five years before they expire. your total superannuation balance at 30 June 2021 was less than $1,600,000. How it works. The ATO website is getting a refresh soon. How to pay super, the amount to pay and due dates for payment. 2 million for consultation and co-design. you pay 15% tax; $250,000 p. The Government will also set public targets for the ATO on. is in accumulation phase. If your employee's details are incorrect, their super fund may:. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. From 1 July 2021, the non-concessional contributions cap is $110,000. the higher income threshold was set at $15,000 above the lower income threshold. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. If your contributions amounts go over these caps, you may have to pay extra tax. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. Contributions made by an employer that are personal contributions. If you’re a low-income or middle-income earner, you may be eligible for super contributions from the Australian Government. Please note, your total super balance includes super held outside of AustralianSuper. 70 per quarter ($62,270 x 11%). Step 2: If your spouse claimed a deduction for personal superannuation contributions at question D12 on their tax return (supplementary section), add the deduction amount to the result from step 1. It is a legal requirement for rollovers to be processed electronically, using 2 components: a data message. Find out more. This effectively reduces your taxable income, meaning you pay less tax on your income. Use ATO online services to keep track of your super, including accounts you may have forgotten or lost touch with. Your SMSF must lodge an. See super. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. DECEMBER 2022 Page 1 of 4 Claiming a tax deduction for personal super contributions CLAIM A TAX DEDUCTION 1 Complete the Notice of intent form on pages 3 and 4. Reportable superannuation contributions are contributions made into superannuation over and above mandated super contributions. The ATO calculates if you are eligible for a co-contribution payment and pays the amount directly into your super account. You will need to wait until your employer marks your income statement as 'Tax ready' before you prepare and lodge your tax return. Module 4: Calculating super guarantee. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. Previous ATO figures shared with ABC News show that last financial. as a primary locator to link contributions and rollovers with member accounts and to locate member accounts. To effectively administer the super system, it's important that tax file numbers (TFNs) are provided when contributions are made to a super fund or RSA. au. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. You did not exceed your non-concessional contribution cap. au Concessional contributions These are before tax contributions, such as productivity, salary sacrifice contributions and membersalary-sacrificed super contributions are classified as employer super contributions that are taxed in the super fund (instead of being employee super contributions from after-tax income). For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. This is called ‘contributions splitting’. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Your TSB is calculated by adding together all the amounts you have in the accumulation. Deductions. tax deductible. Your employer must pay SG contributions into your super account at least every three months. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. Payments from super. From 1 July 2020 to 30 June 2022, if you were aged 67 to 74 and your TSB was below $300,000 at the end of the previous year, you can make voluntary super contributions for 12 months from the end of the financial year in which you last met the work test. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. OTE to work out the minimum super guarantee contribution for your employees. Once we receive your form, we’ll write to you to confirm the amount you. Offer employees a choice of super fund and keep records that show you've done this. which employees are eligible for super contributions? YES/NO. AustralianSuper Your super obligations; ATO - Maximum super contribution base; QuickSuper is a financial service provided by Westpac. They will be able to advise you if they. you may miss out on a super co-contribution, if eligible. you're a high-income earner. 6 million. This is known as catch-up concessional contributions. 20 =$7,000) and. Sam will sacrifice. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Step 2: Collect employee information. An eligible, active super account is one that: is held by a living person. *. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. Super co-contribution If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also contributes to your super (called super co-contribution) up to a maximum amount of $500. Payments from super. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. The calculator doesn't calculate nominal interest. Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. How much to contribute to super. Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. $4,145 if employee contributions of $7,000 are made. How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. For more information on Treasury’s. Adjustments. salary and wages to work out the super guarantee charge. Your employee super information is linked to your super contributions by a unique payment reference number (PRN). The low-rate cap amount for the 2023–24 financial year is $235,000. Worksheet 2; Row. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. On this page. The super fund pays the $47,000 to the ATO in compliance. Step 2: Send the form to AustralianSuper via our contact us page or post. See the ATO website for more information about how much tax you'll pay on super contributions. Superannuation guarantee (SG) contributions for your employees are due by 28 October. Your SMSF must lodge an. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. The exception is downsizer contributions, which you could make if you were 65 years or older. Julie lodges an income tax return which includes tax deductions of $1,000, resulting in an adjusted taxable income of $31,000 ($32,000−$1,000). SG contributions should be paid to one of the following: Employee's chosen fund Employee's stapled super fund Other fund that meets your choice of fund obligations. /individuals/super/in-detail/growing-your-super/claiming-deductions-for-personal-super-contributions You can use a salary sacrifice arrangement to have some of your salary or wages paid into your super fund instead of to you. Division 293 tax may reduce the tax concession on super contributions for individuals. Step 1: Complete the Notice of intent to claim a tax deduction for personal super contributions form. the contributions are out of your before-tax or post-tax income. RESC are any extra super contributions you make to the super fund of one of your employees above the normal legislated requirements. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. Payment errors. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Claiming deductions for personal super contributions. Superannuation is money employers pay eligible workers to provide for their retirement. SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. 5% for each $1 over $45,000 (in addition to $5092 in tax). The SGC is made up of: super guarantee shortfall including. 3. Super may be taxed at 3 points in its life cycle: on contributions on the investment earnings in the fund, which in the accumulation phase are taxed at 15% retirement phase. an eligible Downsizer contribution. Contributions caps. Complete sections A, B and C of your Voluntary release authority and statement for excess contributions tax form and send it to the super fund you nominate in section B. This means the before-tax contributions made to a super fund – these are taxed at a lower (i. 2 million to the Australian Taxation Office (ATO) in 2023–24. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. If you choose to have the contributions offset. small business roll-over. You can learn more about this on the ATO website. They need to make sure the respective super funds receive these contributions before the due date specified by the Australian Taxation Office (ATO) for that quarter. This includes: $27. If you require tailored technical and interpretative assistance relating to super matters for a specific individual or group of taxpayers, you can contact us by: secure mail for business. Tax offset for super contributions on behalf of your spouse. Contributions caps. The following table illustrates how salary sacrificing. Some super funds require employers to contribute monthly. To claim a deduction for your personal super contributions, you must give your super fund a notice in the approved form and get an acknowledgement from the fund. The salary packaging provider calculates that: the taxable value of the car fringe benefit will be $7,000 (which is the cost of the car multiplied by the statutory rate, in this case $35,000 × 0. If you've confirmed your super hasn't been paid correctly and completed all of the checks in the above steps, you can report your employer using our online tool. There are other eligibility criteria you must meet. to help consolidate super accounts within and across funds. Super contributions optimiser. If employees do have the power to vary their employer contribution rate, the amounts over any compulsory contributions made will be reportable employer super contributions. accumulation phase are taxed at 15%. Step 3: Receive confirmation from AustralianSuper. /Individuals/Super/Growing-your-super/Adding-to-your-superReportable super contributions – the sum of. Summary Under an industrial agreement, Rodger's employer makes additional employer contributions for Rodger's benefit. By registering with these funds, you agree to. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). There are rules for accepting contributions that all trustees need to know. A rollover is when you, as a member, transfer some or all of your existing super between super funds, including SMSFs. This means you pay the 15% super tax on your contribution. Paying super contributions. Request your employee’s stapled super fund details if they do not make a choice. Work out the best way to grow your nest egg. 4 min read. OTE to work out the minimum super guarantee contribution for your employees. The amount of unused cap. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility. from the 2014–15 to the 2016–17 financial year if you were 49 years or over. Super contributions. your total super balance, which is relevant to how some key superannuation rules apply to you. This form notifies us that you made concessional contributions in one financial year (year 1) but your self-managed superannuation fund (SMSF) did not allocate them to you until the next financial year (year 2). 1. Effective salary sacrifice arrangement. 20 =$7,000) and. gov. Personal super contributions made on or after 1 July 2017. This information should be included on your payslips. The concessional contributions cap was temporarily increased to $35,000: for the 2013–14 financial year if you were 59 years or over on 30 June 2013. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. Contributing more than the caps to your super may mean having to pay extra tax. acknowledge notices. The concessional contributions cap includes employer contributions, as well as any salary sacrifice contributions you make. Adding to your super. Choose the right investment options for you. Income. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. The tax must be paid from the super fund and the ATO will issue a compulsory commutation notice to the fund who will pay the tax to the ATO. Check if you're eligible to receive super contribution payments from the government. Johnson Pty Ltd must record the extra contributions made for Adnan as reportable employer super contributions. Super contributions to defined benefit and. With SuperStream money and data are sent electronically in a standard format. Division 293 tax may reduce the tax concession on super contributions for individuals. Last modified: 26 Apr 2023 QC 72189. A concessional contribution is defined as a contribution to your super fund before tax. Module 1: Overview of superannuation. About the non-concessional contributions cap. a. Pay electronically to complying super funds and retirement savings accounts. It is possible for your reportable super contributions in any one year to consist of both personal concessional contributions and reportable employer super contributions. Use this workbook to help you complete question A3 in your tax return 2023. You can check your employer is paying your super by: using ATO online services through myGov or the ATO app to see contributions your employer has made to your super fund; contacting your employer to ask how much they've paid. If you're over 65, you can make a one-off post-tax contribution of up to $300,000 into your super using the money received from selling your home. See the ATO for a list of payments that are ordinary time earnings. This includes: $27. Non-employer contributions. If your employee's details are incorrect, their super fund may:. concessional (before-tax) contributions cap, which limits the amount that can be contributed to your super fund that is taxed at the concessional rate of 15%. This form is for superannuation funds and their members to make a capital gains tax (CGT) cap election (NAT 71161). gov. a. Reportable employer super contributions (RESC). The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. If you're eligible for a low income contribution of less than $10, the ATO will round this up to $10. Hybrid super funds. Understanding the difference between concessional and non-concessional contributions and how they work is key to making the most of your super. lodged an SGC statement. Your 15% contributions tax on this amount is $567 (which is paid by your super fund to the ATO). 1. If the ATO advises the employee does not have a stapled super fund, you can make the payment to yourSuper is an investment in your future. is in accumulation phase. If your total income is equal to or less than $43,445 in the 2023/24 financial year and you make after-tax contributions of $1,000 to your super fund, you’ll receive the maximum co-contribution of $500. The information you provide is not stored and you will remain anonymous. phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. This lets us know the amount you’d like to claim. Answer. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. Our tax return instructions show you can amend your return to claim the. as a primary locator to link contributions and rollovers with member accounts and to locate member accounts. the time they lodge their personal income tax return for the financial year during which the contribution was made. Module 5: Paying super contributions. To help your members claim or vary a tax deduction for personal super contributions, you should: accept notices – ensure the notice is valid, in the approved form and given to you by the relevant deadline. If your spouse is also 55 or older, you can add up to $600,000 in total between the two of you. Opinion. For 2021–22, the annual non-concessional contributions cap is $ $110,000 if your total superannuation balance on 30 June 2021 was less than $1. If employees do have the power to vary their employer contribution rate, the amounts over any compulsory contributions made will be reportable employer super contributions. More information on ordinary time earnings (OTE) is available from the Australian Taxation Office (ATO) at ato. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. Use our employer contributions. Adjustments. you are aged less than 65 years. When making voluntary concessional contributions, you should remember that SG contributions also count towards the cap. 4. $4,145 if employee contributions of $7,000 are made. Contributions caps. the matching rate was set at 50%. Payment errors. Select Save and continue when you have completed the Income tests section. Division 293 tax may reduce the tax concession on super contributions for individuals. Government super contributions recovery notice. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. Deductions. Non-employer contributions. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. It's important you lodge a return even if you don't think you will get a refund. Find out about. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. Contributions caps. 6 million on 30 June of the year before. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. If you do not pay minimum SG contributions for quarter 1 by this date, you must pay the super guarantee. The actual amount of tax will depend on various factors such as your age, the. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. Instead of paying $4125 tax on a $27,500 super contribution, reducing the contribution to $23,375, a potentially extra $4125 in tax will reduce this to $19,250. Too easy! eligibility for the super co-contribution. Nil if your Total Super Balance is greater than the transfer balance cap ($1. Tax and restrictions on contributions. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. made a subsequent SG payment to an alternate super fund, and. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Payments from super. Note: A nomination to offset late payments is binding and cannot be changed. As a guide, employers contribute at least 11% of an employee's earnings to super. Australian Taxation Office. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. The default assumptions in this calculator are based on Treasury’s long-term retirement income models. Sam will sacrifice. To claim a deduction, you must first give your super fund or RSA provider a valid notice of intent and receive an acknowledgment form from your fund or RSA provider. for personal super contributions visit the Australian Taxation Office (ATO) website at ato. The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. For more information, see: Non-concessional contributions cap. This is the maximum you can contribute in any one financial year. Your employer is required to make SG contributions into your super account of $3,780 ($36,000 x 10. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. General concessional contributions cap. Medicare and private health insurance. When and how you can transfer or roll over your super to another fund, and how to consolidate multiple super accounts. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. The small business CGT concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business. Extra contributions may include salary sacrificed amounts an employee has arranged to have deducted from their pre-tax income and paid into their super fund. The first home super saver scheme (FHSSS) was introduced in the 2017-2018 Federal Budget to improve housing affordability for first home buyers. it will be harder to keep track of your super. nominal interest of 10% per annum (accrues from the start of the relevant quarter) an administration fee of $20 per employee, per quarter. To manage super in your ATO online account follow these steps: Australian Taxation Office You can check your super balances, find lost super, compare super. This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. It will not affect your total. All tax calculations should be performed by a qualified tax accountant. Your super contributions for the current quarter (ending 30 June, due by 28 July 2023) are still calculated at the 10. b. The notices contain details of super co-contribution or low income super tax offset (LISTO) payments to be recovered from. Personal contributions – deductions. Find out what amounts you need to include in which worksheets. concessional) rate of tax. You are entitled to a tax offset of up to $540 for 2021–22 if: the sum of your spouse's assessable income (excluding any assessable First home super saver released amount or COVID-19 early release of superannuation payment), total reportable fringe benefits amounts and reportable employer superannuation contributions was less than $40,000 By using ATO online services, you can keep track of your super. The application: must be made by the employee to be covered by the certificate – an employer can't apply for an exemption certificate. go over the concessional contributions cap. It will help you work out the SG sub-totals of each individual superannuation fund and the total of all contributions payable. Step 4: Report unpaid super. ensure if it is a variation notice, that it does not increase the amount to be claimed. An assessment by the ATO of an excess non-concessional contribution will provide you with two options. GST. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement. If you had a spouse for the full year, 1 July 2021 to 30 June 2022, print X in the Yes box at L. Super contributions – too much can mean extra tax. You did not exceed your non-concessional contribution cap. You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. The tax offset is calculated as 18% of the lesser of: $3,000, reduced by $1 for every $1 that the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions for the year was more than $37,000. 5%. It is generally taxed at a lower rate than your regular income. Super paid after a person's death is called a 'super death benefit'. If you claim a tax deduction for them, they're concessional contributions and are effectively from your pre-tax income.