There are a number of ways you can contribute to your superannuation account.
NTGPASS Compulsory Contributions
Active members make compulsory contributions to their accumulation account at a rate of between 2 and 6 per cent of contribution salary. Members can vary their contribution rate at the Annual Review each year on 1 October.
The compulsory contributions entitle the member to a Territory-financed defined benefit, which is calculated according to a formula based on the number of benefit points, length of membership and benefit salary.
Voluntary (Personal) Contributions
Active members who are contributing at 6 per cent of salary can make additional after-tax contributions to their NTGPASS accumulation account. Contributions can be made as a lump sum or through regular payroll deductions. These contributions are known as non‑concessional contributions (refer to contribution caps).
For further information on the rules regarding personal contributions and the payment methods available, please refer to the form below.
Concessional Contribution Caps
Concessional superannuation contributions such as salary sacrifice or employer contributions are made from pre‑tax salary. Concessional contributions are taxed at the concessional rate of 15 per cent on receipt into the superannuation fund.
Amounts up to the caps are concessionally taxed at 15 per cent. From 1 July 2012, people with incomes over $300 000 will have the tax on concessional contributions increased from 15 per cent to 30 per cent.
Since 1 July 2013, contributions exceeding the concessional contribution cap will only be taxed at a person's marginal tax rate plus interest charge.
If you are an active member of NTGPASS, your Territory financed (employer) contributions are not paid to you until you resign. As an untaxed defined benefit superannuation scheme, the Territory does not report an amount for your NTGPASS Territory-financed (employer) contributions. This means that you are able to salary sacrifice an amount up to your concessional contributions cap each financial year. Of note is that it is proposed as part of the 2016-17 Commonwealth Budget that in the future the Territory will be required to report a notional amount to reflect the value of your Territory-financed (employer) contributions.
Current concessional contribution caps are summarised below.
|Age||Cap from 1/7/2014|
|Under age 50||$30 000|
|Age 50 and over||$35 000|
It is proposed as part of the 2016-17 Commonwealth Budget that the concessional contribution caps for all employees will be reduced to $25 000 from 1 July 2017.
Non‑concessional Contribution Cap
Non‑concessional contributions such as voluntary contributions or your compulsory NTGPASS contributions are made from after‑tax salary. From 1 July 2014, the non‑concessional contribution cap is $180 000.
If you are under 65 years of age, you can bring forward two years of contributions, enabling $540 000 to be contributed in one year, with no further contributions in the next two years.
Any non‑concessional contributions that exceed the caps are subject to additional tax of 49 per cent (including Budget Repair Levy and Medicare Levy).
It is proposed as part of the 2016-17 Commonwealth Budget that a “lifetime” non-concessional contribution cap of $500 000 will apply to all employees. This cap will count all contributions made since 1 July 2007.
The superannuation co-contribution is a Commonwealth Government initiative to assist eligible individuals to save for their retirement. If you are eligible and make personal superannuation contributions, the Government will match your contribution with a co-contribution up to certain limits. For further details, read the fact sheet below.
NTGPASS members can rollover or transfer amounts from other complying superannuation funds to their member accumulation account by contacting the appropriate superannuation fund for a rollover form. The fund is required to rollover your money within thirty days of receiving all necessary paperwork.
It is important to check with your other superannuation fund before rolling your money out of the fund as they may charge an exit or processing fee that in some cases can be substantial.
Active members cannot withdraw or transfer rollover payments from NTGPASS until they cease Territory public sector employment.
NTGPASS and other defined benefit schemes do not allow members to split their concessional contributions with their spouses.
Last updated: 02 November 2017
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