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 your spouse's account (and potentially receive a spouse tax offset).
Please note: If you are making a COVID-19 early release re-contribution you must complete a Notice of re-contribution of COVID-19 early release amounts form available at www.ato.gov.au and return it to TelstraSuper before or at the same time as making this contribution by BPAY.
Most banks have limits on BPAY transactions, but if you wish to make a contribution over $10,000 you can make a Direct Debit via SuperOnline or you can download a Member and Spouse Contribution form and return it to us with your contribution cheque.
To find out more about making BPAY payments, visit www.bpay.com.au or contact your financial institution.
Contribution deadlines for the 2023/24 financial year
If you’d like to make an extra super contribution this financial year, we recommend that you submit your contribution no later than 21 June 2024 to meet the 30 June deadline. Banking times may vary - please check with your bank for processing times to ensure you meet the 30 June deadline.
Important notes about contributing with BPAY
Tax deductions for personal contributions
- You can generally claim a deduction for personal super contributions, although certain exceptions apply, including COVID-19 early release re-contributions. Find out how to claim a tax deduction here.
- 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.
- Most banks have limits on BPAY transactions, so you may need to split your contribution into separate transactions (though you should use the same reference number for each transaction).
- A maximum of $330,000 may be contributed per BPAY transaction.
- The post-tax (non-concessional) contribution cap is $110,000 per financial year, provided that your total super balance is under $1.9 million. However, if you’re aged under 75 years on 1 July of the financial year, you may be able to bring forward the next two years of post-tax contributions and make a lump sum contribution of up to $330,000 in one financial year.* If you make a bring forward contribution of $330,000, you can't make any further post-tax contributions in the following two years. Read more about contribution limits.
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 Melbourne Business Day, will be that day. A Melbourne business day is from Monday through Friday (inclusive) and excludes any day that falls on a national holiday or a Victorian public holiday, as published on the Victorian Government’s website. A public holiday that is a non-metropolitan Victorian public holiday only is regarded as a Melbourne Business Day.
If you have any questions, please contact us on 1300 033 166 for fill in our online contact form.* If your account balance is less than $1.68 million on 30 June 2023.