How much can I contribute?
You can contribute as much as you want to your super each year up to the Contribution Limits. There is a limit on non-concessional contributions of $150,000 each year and a limit on concessional contributions of $50,000 each year. If you exceed these limits, you will pay penalty tax.
Most members making regular fortnightly contributions will not have to worry about exceeding the limits. Remember that the limits apply to each individual so both members and their partner may make contributions up to the limits.
Members who invest a large sum of money into super by a one-off contribution or through regular payments will need to be aware of the limits. For example, Contributory Scheme members who are purchasing service or upgrading past rates of contribution should ensure they do not exceed the limits. Penalty tax will be payable on any contributions above the limits.
Members who contribute to more than one account will need to ensure their total contributions, across all their super accounts, do not exceed the limit.
How do I increase my contributions - I am a Contributory Scheme member?
Increasing your contribution rate to the Contributory Scheme will increase your overall Contributory Scheme benefit.
If you are a Contributory Scheme member you can contribute between 5% and 15% of your salary to the scheme. You can increase the minimum contribution of 5% in multiples of 1% up to 15%.
You can choose to make these contributions as non-concessional (personal) contributions or by salary sacrifice (concessional contributions).
In addition to increasing your contributions to the Contributory scheme, you can also make personal contributions or salary sacrifice into the RBF Investment Account.
By making sufficient personal contributions, you may be eligible to receive the Super co-contribution. Personal contributions to both the Contributory Scheme and the Investment Account count towards your eligibility to receive the co-contribution.
To assist you in deciding which option is best for you, members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
How do I increase my contributions - I am a member of TAS?
Increasing how much you contribute to your super will increase your overall retirement benefit. It is important to establish a regular savings program, even if you can only afford a small amount each pay.
Additional contributions are made into the RBF Investment Account and you can choose to make non-concessional (personal) contributions or salary sacrifice (concessional contributions).
By making sufficient personal contributions, you may be eligible to receive the Super co-contribution.
To assist you in deciding which option is best for you, members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
How do I increase my contributions - I am a SFCSS member?
If you are a SFCSS member you are contributing at a rate of 5% of salary. These contributions are personal (non-concessional) contributions. From the second half of 2007-08 financial year you will be able to make these contributions using salary sacrifice (concessional contributions).
You can make additional contributions into the RBF Investment Account by non-concessional (personal) contributions or by salary sacrifice (concessional contributions).
By making sufficient personal contributions, you may be eligible to receive the Super co-contribution. Personal contributions to both the defined benefit scheme and the Investment Account count towards your eligibility to receive the co-contribution.
To assist you in deciding which option is best for you, members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
How do I increase my contributions - I am a TASSS member?
Increasing your contribution rate to TASSS will increase your overall Contributory Scheme benefit.
If you are a TASSS member you can contribute between 5% and 11% of your salary to the scheme. You can increase the minimum contribution of 5% in multiples of 1% up to 11%.
These contributions are personal (non-concessional) contributions. From the second half of 2007-08 financial year you will be able to make these contributions using salary sacrifice (concessional contributions).
You can make additional contributions into the RBF Investment Account by non-concessional (personal) contributions or by salary sacrifice (concessional contributions).
By making sufficient personal contributions, you may be eligible to receive the Super co-contribution. Personal contributions to both the defined benefit scheme and the Investment Account count towards your eligibility to receive the co-contribution.
To assist you in deciding which option is best for you, members are encouraged to contact RBF where specially trained staff can assist you. Each member's circumstances and goals are different and it is important to base your decision on your own situation.
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