Why is tax taken from my account?

The super contributions your employer makes from your before-tax income (concessional contributions) are taxed at 15% by the Australian Taxation Office (ATO).

This tax component is displayed in your transaction history as 'Contributions Tax' and is sent to the ATO by Future Super regularly.

Note - If you exceed the concessional contributions cap of $27,500 in a financial year, the excess will be taxed at the top marginal tax rate. Read more about excess contributions tax here.

The super contributions you make after-tax (non-concessional) are not subject to tax unless you exceed the cap of $110,000 in a financial year. If you exceed the cap the excess will be taxed at the top marginal tax rate.

For more information on how super contributions are taxed please see the ATO's website.

ABN	‍45 ‍960 ‍194 ‍277
USI	‍45 ‍960 ‍194 ‍277 ‍010

Information provided is of a general nature only and we have not taken your personal financial objectives, situation or needs into account. We recommend you seek financial advice when considering if Future Super is right for your objectives and needs. When considering returns, past performance is not indicative of future performance.

Future Super acknowledges the Traditional Custodians of the lands on which we operate and pay our respects to Elders, past, present and emerging. We recognise the enduring relationship Aboriginal and/or Torres Strait Islander peoples have with Country and that sovereignty was never ceded.

We stand for a future that promotes justice for Aboriginal and/or Torres Strait Islander peoples and profoundly respects and acknowledges their respective perspectives, culture, language and history.

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