Updated on 11 September 2024
3 minute read
Before you do your tax return this year, here's a question worth asking: Can you claim super contributions on your tax return? And should you? Let's see what you can claim and how to check if it's right for you.
It's easy to claim a tax deduction on money you add to your super.
It could mean paying less tax, depending on how much you earn.
But you can only claim on after-tax contributions you've made during the year.
It could be money from an inheritance or a work bonus that you’ve put into super. Or from your bank account.
So how do you make a claim? Start by logging in to Member Online to check your contributions. Then fill out the Claim a tax deduction form. You’ll find it under the Contributions section. Then click submit.
Now wait for us to write to let you know it's all sorted.
When you’re doing your tax return, put in the amount you're claiming.
Here's the important part.
You need to tell us you want to claim a deduction before you lodge your tax return.
Or by the end of the next financial year, whichever comes first.
And it’s a good idea to get professional advice before you go ahead.
Learn more at art.com.au/tax-deductions.
You may be able to claim a tax deduction for personal super contributions you've made to your superannuation fund from your after-tax income.
We also call these voluntary after-tax super contributions or non-concessional contributions.
An example is when you've sent money from your bank account directly to your super fund using BPAY®
Claiming a tax deduction for your after-tax contributions might mean paying less income tax.
But it depends on your situation.
There are strict rules for claiming super tax deductions on your contributions. So, it's a good idea to talk to an accountant or tax agent before you go ahead.
The Australian Taxation Office (ATO) sets the eligibility rules for claiming on personal super contributions. Here's your checklist:
You've made the contributions to an eligible super fund.
You meet the restrictions if you're under age 18 or over 67.
You've told your fund that you want to claim (called a 'notice of intent').
Your fund has let you know in writing that they've processed your request.
You'll need to meet the ATO's work test to claim a tax deduction on personal super contributions.
But there's a one-off exemption if: your total super balance is under $300,000 at the end of the previous income year; and you've met the work test for that year.
You can only claim for contributions you made within 28 days after the end of the month you turned 75.
Visit the ATO website for more details.
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Knowing how super contribution caps work is important because if you go over these limits it may mean extra tax.
Personal super contributions that you claim as a tax deduction will count towards your concessional contributions cap. And they'll be subject to 15%1 contributions tax.
So, you'll need to think about how this affects you before going ahead with the claim.
If you go over your cap, you'll have to pay extra tax.
It's a good idea to get professional advice before you go ahead. You can check in with:
Your accountant
A financial adviser
The ATO
You'll need to tell your super fund you want to claim a deduction before you lodge your tax return, or by 30 June the following year, whichever is earlier.
If you're a member with us, you can do this in Member Online or send us the ATO's paper form.
Like all Australian super funds, we'll write to let you know when we've processed your request.
Sometimes this can take a while, particularly if it's around the end of the financial year, so factor in some extra time.
Put in how much you're claiming as personal super contributions in the Individual tax return supplement.
You can't get a deduction for First Home Super Saver Scheme (FHSSS) contributions that have been:
No, you can't claim a tax deduction on money added to your super as a downsizer contribution.
You won't get the government co-contribution for any non-concessional contributions that you claim on.
So, check which option is better for you.
Let us know before you lodge your return – it's easy through Member Online.
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1. If your income, plus before-tax contributions, are over $250,000 per year, some or all of your contributions will be taxed at 30%. If you haven’t provided your super fund your tax file numbers (TFN), the super tax rate may be higher.
