Contributions

Who can contribute

Your Employer's Contributions
Under the Superannuation Guarantee (SG) legislation, your employer is required to pay 9% of your ordinary time earnings into your superannuation fund. Virtually all full-time, part-time and casual workers are covered by this legislation.

If you are covered by a building site Enterprise Bargaining Agreement (EBA), or Australian Workplace Agreement (AWA), your employer is required to pay the amount stated in the Agreement or the SG amount, whichever is greater.

If you earn less than $450 in a month, your employer may not pay the SG amount.  However, your employer is required to pay contributions in accordance with industrial provision.  Under SG legislation employers are required to make payments at least quarterly.

Member additional contributions
BUSS(Q) makes it easy for you to build your super by giving you the flexibility to contribute in any of the following ways:

1. Direct Debit - Lets you specify an amount to be taken out of your bank account at regular intervals and be paid into your BUSS(Q) account.  Complete the Direct Debit Request form.
2. BPay® - Lets you transfer specified amounts direct from your bank account to your BUSS(Q) account.  To find out more about this facility contact BUSS(Q) or log in to MemberAccess and click through to 'Payment Methods' for the BUSS(Q) BPAY Biller Code and your individual BPAY Reference Number.
3. Direct Payment - Regular or one-off personal contributions into BUSS(Q).  Contact BUSS(Q) to find out how to make direct payments.
4. Payroll deduction (if provided by your employer) - You will need to speak to your employer to arrange deductions of personal contributions from your pay.
5. Salary sacrifice - Salary sacrifice is an arrangement between you and your employer where you agree with your employer that rather than receive part of your income as salary or wages, your employer will make an equivalent super contribution on your behalf.  The amount sacrificed is paid directly into your Member account before any income tax is deducted therefore your gross salary or wage is reduced for taxation purposes.

Please call BUSS(Q) on 1800 657 216 for more details.

Spouse contributions
Another excellent feature of being a BUSS(Q) member is that your spouse can also make contributions for you.

A spouse for the purpose of making spouse contributions is your husband, wife or de-facto partner (excluding same sex partner) who lives permanently with you on a bona fide domestic basis as your husbane or wife at the time the contributions are made.  Both you and your spouse must be Australian residents at the time the spouse contribution is made.

You can also make contributions on behalf of your spouse in an account in their name.
Spouse contributions made on behalf of a low-income or non-working spouse, may qualify for a tax rebate.  The maximum rebate for a year of income and reportable fringe benefits is $10,800 p.a. and reduces to zero when the spouse's assessable income and reportable fringe benefits reach $13,800 p.a.

Spouse contributions can only be accepted into your BUSS(Q) acocunt if, at any time the contributions are made:

• You are under the age of 65, or
• You are aged between 65 and 69 and you have worked at least 40 hours in a period of not more than 30 consecutive days in the current financial year.

If you or your spouse would like to find out more about the spouse contributions call BUSS(Q) on 1800 657 216 and talk to one of our friendly staff.

Government co-contribution - a super boost
If you are on a low or middle income, you have a significant incentive to contribute to your super to save for your retirement – for every $1.00 you put into your super from your after-tax pay, the Government could also kick in up to $1.00 up to a maximum of $1,000 per financial year.

For more information relating to the Government Co-Contribution, please refer to our Government Co-Contribution Fact Sheet or call BUSS(Q) on 1800 657 216.