Understanding contributions & withdrawals

Understanding how super works, what types of contributions you can make and when and how you can access your super, can help you make the most of your super, whether you are just starting out or are close to or already retired.

Learn the basics of contributions and withdrawals so you can plan for a comfortable retirement.

Types of contributions

Super contributions

The ATO has the latest information on increasing your super - learn more about super from employers as well as adding to your super which covers salary sacrifice as well as personal contributions.

Contributing super by downsizing your home

For some retirees, selling the family home can be a good way to release equity to help with retirement funds. Older Australians aged 65 years or older are able to make after tax contributions to their super of up to $300,000 from the sale proceeds of their home. Superguide has provided a 10 point guide on contributing super by downsizing.

Types of super contributions

The tax treatment of super contributions depends on what type of superannuation contribution they are - learn about the difference between concessional and non-concessional contributions and the different types of contributions in these two categories.

Transfer balance cap

From 1 July 2017 the government has imposed a transfer balance cap that limits the amount of superannuation savings that can be moved into the retirement phase. Canstar has an easy to read explanation of the transfer balance cap and the ATO has more detailed information here.

Build your nest egg

If you want to retire comfortably your employer's super contributions may not be enough to build your nest egg. Learn about the ways you can build your super from ASIC's Moneysmart including a video and case study.

Super contribution caps

Caps or maximum amounts you can contribute apply to your super contributions every financial year. If you contribute more than these caps, you may have to pay extra tax.

Concessional contributions cap
Non-concessional contributions cap


Taking money out of super

Legal ways to withdraw your super benefits

Withdrawing super benefits means you must satisfy certain super rules. Here is a detailed look at the 14 main ways you can access your super from Superguide.

Accessing your super

When you reach retirement you'll need to work out if you will access your super as a regular pension, a lump sum or a combination of both. Learn more about the rules around accessing your super from Moneysmart.

Super withdrawal options

The super withdrawal option you choose may affect the amount of tax you pay. The ATO website has an easy to understand guide to super withdrawal options and for those who choose to take an income stream it explains the rules about minimum annual payments for super income streams.