If you’re looking at what deductions you might be able to claim this tax time, the good news is you may be able to add after-tax super contributions to your tax-deductions list.
Here are answers to some commonly asked questions about tax-deductible super contributions, so you can hopefully increase the amount of money you get back this tax time.
If you’ve missed out this year, you could also use this as a guide to how to claim next year.
You can generally claim a tax deduction on voluntary contributions you make using after-tax dollars. This money may come out of your take-home pay, savings, something you’ve sold (like a house or car), or an inheritance.
You can’t claim compulsory contributions an employer might pay you under the Super Guarantee, nor contributions you might make as part of a salary sacrifice arrangement with an employer.
Tax-deductible contributions may be particularly beneficial if you’re self-employed and don’t have an employer making before-tax contributions on your behalf.
To claim this tax time, you need to do the following things:
For a full summary of the rules relating to claiming tax deductions for personal super contributions please see the ATO website.
There are concessional and non-concessional contributions and different caps apply to each.
The cap on concessional contributions, which tax-deductible contributions are one of, is currently $27,500 per financial year.
You may however be able to contribute more than this amount under what’s known as the carry forward rule, which may allow you to accrue unused cap amounts for up to five years.
Other concessional contributions include compulsory contributions employers are required to pay, and salary sacrifice contributions, which is an arrangement you might set up with your employer.
If you exceed contribution caps, additional tax and penalties may apply.
If you’re aged 67 to 74 and you want to claim a tax deduction on any after-tax super contributions you’ve made, you’ll need to meet the work test, or work test exemption.
Under work test requirements, you must be gainfully employed for at least 40 hours over 30 consecutive days in the financial year the contributions are made.
This is an annual test, which means once you meet this test you can make contributions for the entire financial year.
To be exempt from the work test, you need to have:
If you have any further questions about claiming tax deductions on after-tax super contributions, visit the ATO, speak to your adviser, or use our find an adviser service to locate one near you.
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Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.
Tax considerations are general and based on present tax laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.
AIL and CFSIL are not registered tax (financial) advisers under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise under a tax law.