Claiming a super tax deduction
22 March 2024
6
min read
Claiming a tax deduction for your personal super contributions may help reduce the amount of income tax you pay, depending on your circumstances.
You may be able to claim a tax deduction for personal super contributions that you made to your super fund from your after-tax income, for example, from your bank account directly to your super fund.
If you make personal super contributions, claiming them as a tax deduction might mean paying less income tax.
Who can claim a super tax deduction?
You may be eligible to claim a deduction for personal super contributions if:1
- you made the contributions to your fund
- you meet the age restrictions
- you have given your fund a notice of intent to claim in the approved form
- your fund has validated your notice of intent form and sent you an acknowledgment.
What can a tax deduction be claimed for?
A tax deduction can be claimed for:
Eligibility conditions apply; see our How to Claim or Vary a Tax Deduction for Contributions factsheet.
What to consider before claiming a super tax deduction
It pays to understand how super contribution caps work, because going over these caps may mean extra tax.
The personal super contributions that you may claim as a deduction count towards your concessional contributions cap, and will be subject to 15%3 contributions tax.
When deciding whether to claim a deduction for super contributions, you should consider the impacts that may arise from this.
If you exceed your cap, you will have to pay extra tax and any excess concessional contributions will count towards your non-concessional contributions cap.
Is claiming a tax deduction right for you?
Before you claim a tax deduction, it can be a good idea to get advice from your accountant, financial adviser, or the ATO to make sure this is the best strategy for you.
How to claim a tax deduction on super contributions
In Member Online, go to Account history & statements, then Yearly transaction summary.
Click on Claim a tax deduction and follow the prompts.
Once you have our acknowledgment letter, lodge your tax return, stating the amount you are claiming in the supplementary section of your tax return.
You can also complete the form attached to this factsheet.
Frequently asked questions
Q: Can first home buyers claim a tax deduction on personal contributions?
A: First Home Super Saver Scheme (FHSSS) contributions released to you for a first home deposit or re-contributed to your QSuper account are not eligible for a tax deduction.
Q: Can the downsizer contribution be claimed as a tax deduction?
A: Contributions made to your super as an eligible downsizer contribution are not eligible for a tax deduction.
Q: Can I claim a tax deduction and still get the government co-contribution?
A: Personal contributions for which you claim a personal tax deduction are not eligible for a government co-contribution to your super.
1. Australian Taxation office, Claiming deductions for personal super contributions, accessed 17 June 2024 at ato.gov.au
2. You cannot claim a tax deduction for standard member contributions made to a Defined Benefit account.
3. If your income, plus before-tax contributions, are over $250,000 per year, some or all of your contributions will be taxed at 30%. If you haven’t provided your super fund your tax file numbers (TFN), the super tax rate may be higher.