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BYFF - Begin Your Financial Future

Make an additional super contribution by 22 June 2022 to boost your retirement income.

Ready to grab the bull by the horns?

This end of financial year it's time to reframe your thinking. Forget EOFY. It’s time to BYFF... begin your financial future!

BYFF is all about making small steps to begin your financial future.

Many Aussies are concerned they won't have enough in their super to live the life they desire when they retire.* But after working for many years, you deserve to treat yourself.

A good way to secure your financial future is to boost your super balance.

Making an additional contribution today could add up to even more retirement savings to enjoy later.

Ready to BYFF? Here’s how!

Making an additional contribution to your super is easy. Simply, transfer the money from your bank account to your super account using BPAY®. Your future self will thank you for it.

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Log in to Member Online and go to the Personal Details page. Scroll down the page until you find your BPAY details. You will need your Biller Code and Reference Number.  You can also find these details on your annual statement.

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Step 2

Log in to online banking or mobile banking app and find the BPAY option. Follow the prompts to make a contribution to your super using the Biller Code and Reference Number provided in Member Online.

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To claim a tax deduction, you must complete and return a Notice of intent to claim or vary a deduction for personal contributions form to Mercer. Please note eligibility criteria apply.

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It's time to BYFF

To allow enough time for your contribution to be received and processed, we recommend you make your voluntary contribution no later than Wednesday 22 June 2022. This helps ensure your contribution is received and allocated to your account prior to the end of the financial year.

  • What should I consider when making a contribution?
    Here are some key points that you may like to be aware of when making a personal contribution to your super:
    • To accept your contributions, we need your tax file number (TFN). If we don't have it or you're not sure, contact us via Member Online or call our Helpline team on 1800 682 525 Monday to Friday 8 am – 7 pm (AEST/ AEDT).
    • If you already salary sacrifice, you may not be able to claim a tax deduction if you've gone over your financial year cap of $27,500 and can't use previous years under the 'carry forward rule'.
    • The after tax (non-concessional) contribution cap is $110,000 each financial year from 1 July 2021. That's contributions you don't get a tax deduction for.
    • If you are under 67 years of age and eligible, you may be able to contribute twice as much of the non-concessional limit under the 'bring forward rule' for super balances less than $1.59 million.
    • Talk to a financial adviser to further understand your personal circumstances.

  • Am I eligible for a tax deduction?

    Supercharging your super is great, and a tax deduction could make it even sweeter for you.

    From 1 July 2021, the cap for personal contributions (before tax) is $27,500 each financial year. If you haven't done this before and your super balance is below $500,000 at the start of the financial year you may be able to claim a deduction for contributions above the annual cap by utilising unused cap space from previous years under the 'carry forward rule'.

    To claim a tax deduction you will need to complete and return to us a ‘Notice of intent to claim or vary a deduction for personal super contributions’ form, available here.

    Make sure you send us the form by 30 June 2023 or the day you plan to lodge your tax return, whichever comes first.

  • When do I need to make my contribution by?

    To allow enough time for your contribution to be received and processed, we recommend you make your voluntary contribution no later than 22 June 2022. This helps ensure your contribution is received and allocated to your account prior to the end of the financial year.

  • How do I use BPAY?

    To assist you, here are some explainer articles from a few banks.

     

    Note some banks have a limit on the amount you can BPAY, this can sometimes differ between phone and internet banking.

  • Do I need to provide my tax file number?

    If we don't have your tax file number, then we can't accept these contributions from you.

    You can contact us via Member Online or call our Helpline team on 1800 682 525 Monday to Friday 8 am – 7 pm (AEST/ AEDT) to let us know your details.

  • I can't login to Member Online or need to register

    For helpful information on Member Online visit our page here.

Boost your super. It's easy.

Login to find your BPAY details
A photo of a young woman holding a jar of sweets representing voluntary contributions and getting on the byff

Understanding super contributions

Learn about the types of additional contributions you can make with your super.

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Forget EOFY. It's time to BYFF.

Forget EOFY. It's time to BYFF.

Login to Member Online and grab your BPAY details to get the ball rolling.

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* https://www.anu.edu.au/news/all-news/most-aussies-say-things-look-dire-for-when-they-retire

Disclaimer: The information provided on this website has been provided by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533, Australian Financial Services Licence #235906 is the trustee of the Mercer Super Trust ABN 19 905 422 981. MSAL is also the trustee for the Mercer Portfolio Service Superannuation Plan ABN 92 181 844 838. Mercer Investments (Australia) Limited (MIAL) ABN 66 008 612 397, Australian Financial Services Licence #244385, is the Responsible Entity of the Mercer Portfolio Service Investment Plan ABN 21 770 131 789. Mercer financial advisers are authorised representatives of Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766. 'MERCER' is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2022 Mercer LLC. All rights reserved.