Topping up your AMP Super
A little now can go a long way. The earlier you start, the harder your super will work over the long-term.
Save on coffee, boost your super
Did you know skipping your daily coffee could make a big difference to your super?
Amy, 30, has set herself a challenge to boost her super by this time next year. She’s decided to ditch her daily barista brew and make coffee at home for the next 365 days. The estimated super she can accumulate upon turning 60 years by forgoing a coffee ($5) a day for 7 days and voluntarily contributing $35 per week (or $1,820 p.a.) into super as after-tax contributions is $73,718.*
Types of contributions
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Personal (after-tax) contributions
Personal (after-tax) contributions are made using after-tax dollars, such as when you transfer funds from your bank account into your super.
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Tax-deductible contributions
Whether you're employed, self-employed, unemployed or retired, you might be eligible to claim a tax deduction on your after-tax super contribution.
Other ways you can grow your super further
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Salary sacrifice contributions
Choose to have some of your before-tax income paid into your super by your employer on top of what they might pay you under the Superannuation Guarantee.
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Government co-contributions
If you’ve made an after-tax contribution to your super, you might be eligible for a co-contribution of up to $500 from the government, depending on your income.
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Spouse contributions
Contributions you could make into your spouse’s super account, which you may want to do if they’re a low-income earner or not working at the moment.
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Downsizer contributions
Contributions you could make into your super at age 55 or over (up to $300,000) using the proceeds from the sale of your main residence.
What to keep in mind
- If you exceed the super contribution limits, additional tax and penalties may apply.
- The value of your investment in super can go up and down. Before making extra contributions, make sure you understand and are comfortable with any potential risks.
- The government sets general rules about when you can access your super, which means you typically won’t be able to access your super until you retire.
- You should always seek financial advice and consider your personal financial circumstances before making additional contributions.
How to make a voluntary contribution
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1. Login to My AMP
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2. Contributions and transfer
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3. Select
What you need to know
*Contribution is indexed by 2.5% each year (CPI inflation). 6.09% return on balanced (70% growth) option. Investment fees and fund fees are based on the current AMP Mysuper Lifestage option. No insurance cost is taken into account. No advice fees are taken into account. The after tax contribution for the year is within the persons’ annual non-concessional contributions cap. Tax on earnings within super is at 15% each year (worst case scenario) Government co-contribution and low-income super tax offset are not taken into account.
Products in the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au or by calling 131 267. Read AMP’s Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). All information on this website is subject to change without notice.