Put money into your Super and Claim a Tax Deduction for it

Voluntary Contribution to Super

Many Australian workers may be eligible to claim a tax deduction for after-tax super contributions, also called personal super contributions or non-concessional contributions.

Claiming a tax deduction for your personal super contributions may help reduce the amount of tax you pay, depending on your circumstances.

If you do claim a tax deduction on personal contributions to your super, 15% contributions tax will be deducted from the contribution/s used in your claim

To claim this on your Tax Return there is a form you need to complete and lodge with your Superannuation Fund. The name of the form is Intention to claim deduction for Voluntary Contribution. This form can be found on the website of your Superannuation Fund. Please contact Jayton Joseph on 0410 485 646 if you have any queries on the process.

There is a cap of $25, 000 which includes your employer contribution so this may not be effective for employees earning $250,000 or more.

This deduction used to only be available to ABN users but since July 2017 it is able to be claimed by Salaried workers also.

This is a good way to get money into your Super and to minimise your tax so if you have queries on how this applies to you please contact Jayton Joseph on 07 5561 8161 or Peter Luckey on 0434 850 863.