You're eligible to claim a deduction if you:
- have made a voluntary contribution for the current financial year that is not a COVID-19 early release re-contribution, and
- notify us of your intent to claim a tax deduction by logging into Member Online, or complete the Notice of intent to claim tax deduction form.
After you’ve turned 67, you’ll need to work a certain amount of hours in order to claim a tax deduction on your voluntary contributions. The Government requires you to work 40 hours within 30 consecutive days, at least once during the income year (or during the previous financial year, under a one-off exemption available to members with a 'total superannuation balance' under $300,000).This requirement will be assessed by the Australian Taxation Office when you submit your tax return.
What happens when you claim a deduction?
Tax is deducted from your contribution by your super fund. The contribution amount no longer forms a part of your taxable income. This means tax savings may be available, depending on your income. The contribution is normally taxed at 15%. Additional tax will apply if your income (including concessional super contributions) is over $250,000, or if you exceed the concessional contributions cap.
Make a contribution
You can make a voluntary contribution on a regular or one-off basis, the following ways:
- BPAY® transfer get your unique BPAY reference number, or
- Direct debit from your bank account - Log into Member Online to make a new or change an existing direct contribution.
If you decide not to claim a tax deduction, depending on your total income, you may be entitled to a Government co-contribution if you make a voluntary after-tax contribution, without claiming a tax deduction.
It's also worth noting that there are some caps which limit the amount you can contribute, and how much contribution you can claim. Find out more about contribution caps.