Deduction for super contributions

Most people under 75 are now able to claim a tax deduction for after-tax contributions to super. The condition that less than 10% of your income must come from salary and wages was scrapped from July 1. If you’re aged between 65 and 74, though, you will need to meet the work test.

What you claim will count towards your concessional cap of $25,000 – not the nonconcessional cap, which is much higher.

If you want to claim a tax deduction for personal contributions, you must lodge a notice of intent with your super fund and have this notice acknowledged (in writing) by your fund. You can find the relevant form on the tax office website ato.gov.au.

If you claim a deduction for your personal contributions you may not be eligible for the government’s co-contribution. Enter “Change to personal super contributions deductions” in the search bar of the ATO website for more info.