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May 27, 2024

Can I claim my private superannuation contributions?

The answer to this question is……. it depends.  And the other question that goes with this is…. should I claim it?

Contributing to super is a good idea, whether you do it as a salary sacrifice contribution or a personal contribution (after tax).  So, what we are talking about here is a personal contribution (after tax).

Claiming super contributions as a tax deduction

Since 1 July 2017, personal contributions will be able to be claimed as a tax deduction regardless of your work situation, as long as you are aged under 75.  If you are aged between 65 and 75 you need to meet a work test (you may need further advice if this applies to you). 

To claim a tax deduction for your super contribution you need to lodge a notice of intent with your super fund and wait for them to send you a tax deduction notice.

But before you start filling in your notice of intent form, you need to consider the following:

  • The amount of contributions that have already been paid into your super fund during the year from your employer and salary sacrifice – these 2 amounts plus your personal contribution that you want to claim should not go above $25,000 otherwise extra tax will apply.

  • Personal contributions that you want to claim will be taxed at 15% in your super fund.  So, you will need to compare this tax rate to your personal tax rate.  Sometimes it is not in your interest to claim your contribution if your personal tax rate is below 15%.

  • If you claim your personal contribution you will not be able to get the co-contribution from the ATO.

  • You can make personal contributions up to $100,000 each year but this can’t be claimed.  There are contribution rules that need to be looked at here.

So, getting back to the original question, the best answer is to get advice from Gotax to help you decide if it’s right for you.

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Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.


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