it’s BYFF time

Boost Your Financial Future


Boost Your Financial Future


Tax time is here. Don’t miss out on the chance to maximise potential tax deductions by making a personal super contribution.

Boost Your Financial Future – it's super easy to do.

 


 


Benefits of making a personal contribution

Quarterly investment updates

Compounding investment returns


When it comes to your super, any additional contributions now could significantly boost your balance. 

Through the power of compounding investment returns, additional returns could be generated on the returns you’ve already earned, helping to grow your super balance over the years.

Investment options

Turn super contributions into a tax deduction


By making additional personal contributions to your super, you may be eligible to claim a tax deduction. 

As pre-tax contributions are taxed at a low-rate of 15% (or 30% if your income1 is over $250,000) you can then claim these contributions as a tax deduction when you file your tax return.


 

 

How to make an additional personal contribution

1.

Log in to your online account via our secure portal, Member Online. In the ‘Personal Details’ section scroll down to find your BPAY® details. Alternatively, you can find them on your annual statement. 

2.

Log in to your online banking app or website and find the BPAY option. You can also call your financial institution and use their phone banking service.

3.

Choose the amount you want to contribute and make the payment. To allow time for your contribution to be received and processed by 30 June, we recommend making your contribution by no later than 25 June 2024.
Tools and calcuators

Claim your tax deduction in three steps

  1. If you’re eligible for a tax deduction, complete this interactive form, sign it and send it back to us. By submitting this form, we’re able to convert some or all of your after-tax contributions (also known as non-concessional contributions) to pre-tax contributions (also known as concessional contributions).

  2. Return the form to us no later than the day you lodge your tax return for the 2023/24 financial year, or by 30 June 2025 – whichever comes first.

  3. To return the form, either:

Use Member Online: The fastest and more secure way to return your form is the ‘contact us’ page within Member Online. Simply save and attach the PDF of your completed form and you’re done. 

Email us: 
Another way to send back your form is via email. It’s quicker if you use your email address you use to log in and send to Mercer Super at MST@mercer.com.


 

The difference your contributions can make

 

Our Retirement Income Simulator, can help you understand what your retirement income could look like, how long it might last and how adding even a little extra now can have a significant impact over the long-term.

 


Example

Cooper is 42 years old with a super balance of $200,000 and currently earns $160,000 per year. He recently sold an investment property and decides he’d like to contribute $110,000 as an additional personal contribution to his super account. 

As a result of this one-off contribution, when Cooper reaches age 65 and is ready to retire his approximate balance could be $1,026,198, whereas if he had not made the one-off contribution, his balance could be approximately $835,075 – a difference of $191,123.2



 

Ready to boost your super?

The more you do now, the better off you could be in retirement. Find your BPAY information in the personal details section of Member Online and get started today. 

Download the Mercer Super app

Frequently asked questions

  • What should I consider before adding to my super?

    When making an additional personal contribution to your super you should consider:

    • To accept your contribution, we need your Tax File Number (TFN). If we don't have your TFN, or if you're not sure we have it, you can log in to your account via our secure portal Member Online, and in the ‘Personal Details’ section check if the TFN has been supplied, and if needed, provide it to us.

    • If you've gone over the concessional (pre-tax) contribution cap of $27,500 and can't use previous years under the 'carry forward rule' you may not be able to claim a tax-deduction.

    • The current non-concessional (after-tax) contribution cap is $110,000 each financial year (this cap is $0, for individuals with a total super balance of $1,900,000 and over at the end of the 2022/23 financial year).

    • If you are under 75 years of age and eligible, you may be able to contribute up to $330,000 under the 'bring forward rule'.

    • Seeking financial advice. Our Advice team can provide limited financial advice about your super fund at no additional cost. You can make an appointment with this team by calling our Helpline on 1800 682 525, 8am-7pm (AEST/AEDT).
  • Am I eligible for a tax deduction for FY23/24 contributions?

    Any after-tax contributions you’ve made in the FY 23/24 year may be eligible for a tax deduction, if their conversion from a non-concessional (after-tax) contribution to a concessional (pre-tax) contribution would not result in you breaching the concessional contribution cap of $27,500 for the financial year.*

    To claim a tax deduction, you’ll need to complete a ‘Notice of intent to claim’ form. This form should be returned to us no later than the day you lodge your 2023/24 financial year tax return, or by 30 June 2025 – whichever comes first.

    If you make a contribution after 25 June 2024, this will likely be received by us either on or after 1 July 2024 and be considered a contribution for the 2024/25 financial year. If this occurs, you will not be able to claim this contribution as a tax deduction until you lodge your 2024/25 financial year tax return.

    *Note: From 1 July 2021, the cap for concessional contributions (pre-tax) is $27,500 each financial year. If 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 $27,500 cap by utilising unused cap space from previous years under the 'carry forward rule'.

  • Can I claim a tax deduction for pre-FY23/24 contributions?

    Any after-tax contributions you’ve made prior to the 2022/23 financial year are no longer eligible for a tax deduction.

    If you made after-tax contributions in the 2022/23 financial year these may be eligible for a tax deduction, if:

    • its conversion from a non-concessional (after-tax) contribution to a concessional (pre-tax) contribution would not result in you breaching the concessional contribution cap of $27,500 for the financial year.* 

    • You have not already filed your 2022/23 financial year tax return.

    If you meet the above criteria, you’ll need to complete a ‘Notice of intent to claim’ form. This form must be returned to us no later than 30 June 2024. If the form is received after 30 June 2024, we are legally unable to process it.

    * Note: From 1 July 2021, the cap for concessional contributions (pre-tax) is $27,500 each financial year. If 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 $27,500 cap by utilising unused cap space from previous years under the 'carry forward rule'.

  • Where do I send the 'Notice of Intent to claim' form?

    To claim a tax deduction on additional after-tax contributions you’ve made to your super account in the 2023/24 financial year, complete the form and:

    1. Use Member Online
      The fastest and most secure way to send back your forms is through the contact us page within Member Online. Simply save and attach the PDF of your completed form and you're done. 

    2. Email us
      Another way to send back your form is via email. It's quicker if you use your email address you use to log in and send to MST@mercer.com

    This form should be returned to us no later than the day you lodge your 2023/24 financial year tax return, or by 30 June 2025 – whichever comes first.

    If you wish to claim a tax deduction for additional personal contributions made prior to the 2023/24 financial year, please see the above question; “Can I claim a tax deduction for pre-FY 23/24 contributions?” for further information.

  • How do I use BPAY?

    As each financial institution is different, we’re unable to provide detailed instructions on how to use BPAY. However, below are some explainer articles from some of the larger banks.


    Some financial institutions have a limit on the amount you can transfer via BPAY. This can sometimes differ between phone and internet banking.

    For further information please contact your financial institution directly.

  • Do I need to provide my Tax File Number?

    To accept your contributions, we need your Tax File Number (TFN). If we don't have your TFN, or if you're not sure, you can log in to your account via our secure portal Member Online, and in the ‘Personal Details’ section check if the TFN has been supplied, and if needed, provide it to us.

  • I can’t log in to Member Online or need to register

    For information on accessing Member Online, please visit our dedicated webpage.

  • I’m not a member, how do I join?

    To join Mercer Super, please visit our webpage.

Need more information?

If you require general information, visit the Mercer Super website.

For employers

Member Online support

Log in to your account for more information or to submit an online enquiry.

For members

Contact our helpline

Visit the member support page or call 1800 682 525, Monday to Friday, 8am-7pm (AEST/ AEDT).

 

1. The income component of the Division 293 tax calculation is based on the same income calculation used to determine the Medicare levy surcharge (MLS), disregarding any reportable superannuation contributions. The components of this income calculation can be found on www.ato.gov.au

2. This example was prepared using Mercer’s Retirement Income Stimulator on 1 May 2024 for a 42 year old male with a $200,000 super balance, a $160,000 per year salary and an intended retirement age of 65. This calculator uses uses default assumptions about future investment returns and inflation, which are considered reasonable at the current date based on long-term economic modelling (by Mercer Investment Consulting). The results provided are in today's dollar value which have been calculated by deflating the projected dollar amounts based on the assumed rate of wage inflation up to retirement age, and price inflation after retirement as described on the assumptions panel within the calculator.

Disclaimer: Issued by Mercer Superannuation (Australia) Limited ABN 79 004 717 533, Australian Financial Services Licence # 235906, the trustee of the Mercer Super Trust ABN 19 905 422 981 ('Mercer Super'). Any advice provided is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any advice, please consider the Product Disclosure Statement available at mercersuper.com.au. The product Target Market Determination can be found at mercersuper.com.au/tmd. Past performance is not a reliable indicator of future performance. 'MERCER’ is an Australian registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917.

Mercer Super has been recognised with several SuperRatings awards, including SuperRatings’ highest platinum rating for our Corporate Superannuation Division product. The Corporate Superannuation Division product also received SuperRatings 15 Year Platinum Performance award, based on investment returns, fees, insurance, member servicing, administration and governance. The rating is issued by SuperRatings Pty Ltd ABN 95 100 192 283 AFSL 311880 (SuperRatings). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and SuperRatings assumes no obligation to update. SuperRatings uses objective criteria and receives a fee for publishing awards. Visit superratings.com.au for ratings information and to access the full report. © 2024 SuperRatings. All rights reserved.