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 (non-concessional) contribution cap is $100,000 per year, provided that your total super balance is under $1.6 million. However if you are under age 65 you can bring forward three years of post-tax contributions and make a post-tax contribution of up to $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’re aged 65 years or over you generally cannot bring forward contributions. However, in the year you turn 65 you may be able to bring forward post-tax contributions if you are contributing under the work test or work test exemption.
- 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.