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What type of contributions can I make to Essential Super?

See all Essential Super FAQs

Last updated 23 October 2017

When making contributions to your super account, it's important that we understand what type of contribution you are making. Different contributions are treated differently for tax purposes and you could end up paying more tax than you need to if you don't identify the correct contribution type.

Here is a summary of the contribution types available for Essential Super: 

Personal contribution (MV)

These are contributions from your own bank account which has already been taxed. Earnings on this money are taxed at only 15%, rather than your marginal tax rate.

Spouse contribution (SP)

A spouse super contribution is an after-tax payment that can be invested into a superannuation fund held in your spouse's name. In other words you're investing money into your spouse's super account rather than your own.

Employer contributions
If you’d like your employer to pay Super Guarantee or Salary Sacrifice contributions to your Essential Super account, simply log in to NetBank and download the pre-filled SuperChoice form. A description of these contributions are in the following table.

Super Guarantee

Super guarantee is the 9.5% of your earnings that your employer must pay into your super from your pre-tax salary. These funds are taxed at 15%.

Salary Sacrifice

Salary Sacrifice is a pre-tax contribution to your super. You choose to ‘sacrifice’ part of your pre-tax salary and ask your employer to pay it directly into your super, where it is generally taxed at only 15% instead of your marginal tax rate.

It is important to remember that once a contribution is made into a super account, it can only be withdrawn under certain conditions such as retirement after reaching preservation age, or once you reach the age of 65. For more information on making contributions into Essential Super, please call us on 13 40 74 between 8am and 7pm (Sydney time), Monday to Friday.

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