Claiming deductions for personal super contributions

You may be eligible to claim a tax deduction for additional super contributions you made from your after-tax income, for example a payment made from your bank account directly to your super fund.

You cannot claim a deduction on super contributions paid by your employer from you before tax income.

Concessional Contributions Cap

Any additional super contributions that you claim as a tax deduction will count towards your concessional contributions cap. The current concessional contributions cap is $27,500, as of 1 July 2021.  If you exceed this cap and contribute a higher amount, you may be caught with additional tax to pay at the end of the year.  is important to consider if any of the following will apply to you before you claim a deduction for your additional contributions:

·         Will you exceed your contribution cap?

·         Will Division 293 tax apply to your contribution?

How to Claim Personal Concessional Tax Contributions in your tax return

If you are eligible and wish to claim a tax deduction for additional super contributions you made throughout the year, are required to notify your super fund. This can be done by:

1.    Completing the ATO’s ‘Notice of intent to claim a tax deduction’ Form (NAT 71121) or by completing your funds’ approved notice of intent form.

2.    Once the super fund has received your completed form they will then issue you a written acknowledgment advising they have received a valid notice of intent. You must have received the acknowledgment from your super fund before you can claim a tax deduction for additional super contributions.

For more information on claiming deductions for personal super contributions visit the ATO.