With BPAY you can:
- make post-tax contributions to your super (and potentially receive a Government co-contribution)
- if self-employed, make deductible contributions to your TelstraSuper Personal Plus account
- contribute to an employee's TelstraSuper Personal Plus account
- contribute to your spouse's account (and potentially receive a spouse tax offset).
To find out more about making BPAY payments, visit www.bpay.com.au or contact your financial institution.
Important notes about contributing with BPAY
Tax deductions for personal contributions
- you can claim a deduction for personal super contributions. Find out how to claim a tax deduction.
- to claim a deduction in the financial year the contribution must be made before 30 June. Banks will have different processing times so allow for a few days before the end of the financial year for the contribution to be received into your TelstraSuper account. Contributions processed after 30 June will only be eligible for a deduction in the following financial year.
- a maximum of $300,000 may be contributed per BPAY transaction - note the post-tax contribution cap is $100,000 per year. However if you are under age 65 you can bring forward three years of contributions and make a post-tax contribution of $300,000 in one financial year. You then can't make any further post-tax contributions in the following two years. Read more about contribution limits.
- if you are paying more than $300,000 per BPAY transaction, please split your payment into separate transactions (though you should use the same reference number for each transaction).
Contributing to your spouse’s account
- you may receive a spouse tax offset if you contribute to your spouse's account and you meet the income limits. Use our spouse tax rebate calculator to estimate your possible offset.
- contributions are applied to your account from the ‘effective day’ and will start earning interest the following day
- the effective day for BPAY contributions received before midnight (Melbourne time) on a Victorian Business Day, will be that day.
If you have any questions, please contact us on 1300 033 166 for fill in our online contact form.