Claiming a super tax deduction
29 March 2019
6
min read
Claiming a tax deduction for your personal super contributions may help reduce the amount of tax you pay, depending on your circumstances. Just over 10,000 QSuper members submitted a tax deduction claim last year (FY 17/18), resulting in an estimated $15m in net benefit back to members.1
Since 1 July 2017, more Australian workers have been eligible to claim a tax deduction for after-tax super contributions, also called personal super contributions or non-concessional contributions.
So if you make personal super contributions, claiming them as a tax deduction might mean paying less tax. Below we have outlined some of the main FAQs for you to consider.
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.
Super contributions a tax deduction can be claimed for
A tax deduction can be claimed for:
Personal contributions you have made by transferring funds from your bank account to your QSuper account (e.g. using BPAY®)2
Standard member contributions made after-tax (most employees of the Queensland Government make these).
Eligibility conditions apply; see our How to Claim or Vary a Tax Deduction for Contributions factsheet.
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.
It’s easiest to complete your form after 30 June of the year you want to claim.
Contribution caps when claiming a tax deduction
Any personal contributions claimed as a tax deduction will be subject to the $25,000 cap on concessional contributions made to all your super funds, including:
Employer contributions
Salary sacrifice contributions
Contributions you claim a tax deduction for.
The exception is if you are catching up on concessional contributions over 5 financial years. Our factsheet explains what this means.
Frequently asked questions
Can first home buyers claim a tax deduction on personal contributions?
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.
Can the downsizer contribution be claimed as a tax deduction?
Contributions made to your super as an eligible downsizer contribution are not eligible for a tax deduction.
Can I claim a tax deduction and still get the government co-contribution?
Personal contributions for which you claim a personal tax deduction are not eligible for a government co-contribution to your super.
Claiming a tax deduction?
Before claiming a tax deduction, you may want to speak with a financial adviser about your situation. As a QSuper member, you have access to financial advice from QInvest.3
Call 1800 643 893 to book an appointment today
1 Source: QSuper member database statistics.
2 ® Registered to BPAY Pty Ltd ABN 69 079 137 518.
3 QInvest Limited (ABN 35 063 511 580, AFSL 238274) (QInvest) is a separate legal entity responsible for the financial services it provides. Advice fees may apply. Refer to the Financial Services Guide for more information.