3 simple steps to give your super emergency care

Many of our members do critical work as first responders to keep our communities safe. These 3 simple steps can give your super the emergency care it needs to help make sure you can retire well with confidence.

Thank a First Responder Day¹ on 12 June is a day to show our gratitude and appreciation for the first responders in our community and the work you do to keep us safer.

First responders, including those working for Queensland Police, Queensland Fire and Emergency Services, Queensland Ambulance services, and our hospital emergency departments, are on the front line in looking after others and keeping our communities safe.

These 3 first response actions for your super might be the critical care you need to look after your financial future.

Growing your superannuation savings can help you to retire well with confidence. But there are limits to how much you can contribute to your super each year. If you go over your contribution caps you may need to pay extra tax.

This may be an important consideration for first responders. In Queensland, many first responders get paid a higher Super Guarantee rate by their employers than the standard 11.5%, which might mean getting closer to hitting the concessional contributions cap.

There are 2 types of super contributions:

1. Before-tax (concessional)
2. After-tax (non-concessional)

Before-tax or concessional contributions include:

• contributions from your employer
• contributions such as salary sacrifice from the money your employer pays you
• money you transfer into super yourself and then, if eligible, claim a tax deduction on.

Before tax contributions are concessionally taxed at 15% when they go into your super (or 30% if your income plus super contributions is more than $250,000 per year.)

The cap on before-tax or concessional contributions is $30,000 in 2024‑25.

If your total super balance was less than $500,000 at the previous 30 June, you may be able to carry forward the unused concessional contributions cap from prior years to increase your cap in later years. Unused cap amounts are available for 5 years and expire after this, you can check your available cap by logging into ATO online services using myGov.

After-tax or non-concessional contributions include:

• money you put into your super from your take-home pay after tax (voluntary contributions).

How to avoid going over the caps

The cap on after-tax or non-concessional contributions is $120,000 in 2024‑25. If your total super balance was $1.9m or over at the previous 30 June your after-tax cap is nil.

Find out more about contribution caps and how they work

Your super doesn’t automatically form part of your estate. So, it’s important you let us know who to leave your super to. Telling us who you’d like your super to go to can give you peace of mind that your family will have a financially secure future.

There are rules about who you can nominate to receive your super. Generally, a super beneficiary is someone who is dependent on you at the time of your death. You can nominate one or more of your dependents.

Tell us who to leave your super to by nominating your beneficiaries.

For people, such as first responders considering retirement as they approach 60, personal financial advice could help get your super on track so you can live well in retirement.

As you get closer to retirement, you may want to seek advice to make confident choices today to have the finances you need to live the life you want in the future.

You can access online advice or over-the-phone advice about your account with us.

We’re here to help

Book a financial advice appointment today.

1. Fortem, Thank a First Responder Day, at thankafirstresponderday.org.au