Even if you’re already receiving Superannuation Guarantee contributions from your employer, topping up your super through extra contributions can make a big difference to your final benefit. You can make regular or lump-sum payments to your LGIAsuper Accumulation account at any time without paying commissions or entry fees.
People aged between 65 and 74 may be able to top-up their super, depending on how many hours they have worked in the financial year. Once you turn 75, you can no longer make extra contributions.
If you make extra contributions from your after-tax pay, you may be entitled to a tax deduction. So by making top-up payments, you could get a tax deduction now, and have more money to enjoy in retirement!*
Extra contributions from your after-tax pay for which you do not claim a tax deduction are called non-concessional contributions and are taxed differently. You can learn about the difference between concessional and non-concessional contributions here.
* If you're planning on claiming all or some of your contributions as a tax deduction, then you’ll need to complete a 'Notice of Intent to Claim' or 'Vary a Deduction for Personal Contributions' form.
If you work for local government or some related businesses, you may be required to pay a percentage of your salary to super, in return for higher employer contributions.
Save on fees and hassles by bringing all your accounts across to LGIAsuper.
Use our retirement income calculator to get an idea of your future finances.
We run free seminars on a range of topics right across Queensland.