Superannuation guarantee contribution
The superannuation guarantee contribution is the 9% superannuation contribution you are required to pay for most employees, in line with the Australian Government’s superannuation guarantee legislation. Superannuation guarantee contributions can be accepted up to age 70. For more information, visit the ATO website.
Voluntary contribution
You could receive a co-contribution from the Australian Government by making a voluntary contribution.
A combined $150,000 p.a. limit applies to voluntary contributions, spouse contributions received and any standard 6% member contribution not salary sacrificed. If you are under age 65, you can make a one-off payment of up to $450,000 by using your limit for up to 3 years.
Once you are aged between 65 and 74, you can only make extra contributions to your account if you have been gainfully employed for at least 40 hours over 30 consecutive days during the current financial year. When you reach age 75 you are unable to contribute to your super at all.
Voluntary contributions are generally required to remain in super until permanent retirement after your preservation age.
Spouse contribution
If your spouse already has an LGsuper account you can add to their account for as long as they are under age 65.
Spouse contributions are not eligible for the co-contribution. Depending on your spouse’s income, you could receive a tax offset.
Between the ages of 65 and 69, your spouse must be gainfully employed for at least 40 hours over 30 consecutive days in the current financial year to have spouse contributions paid to their account. Once they reach age 70, spouse contributions can no longer be received.
Spouse contributions are generally required to remain in super until the receiving spouse permanently retires after reaching their preservation age or on reaching age 65.