Get the most out of your tax‑time entitlements
09 May 2024
5
min read
Make the most of your entitlements and deductions at tax time.
If you make voluntary contributions into your superannuation account from your after-tax income (also called non-concessional or personal contributions), you are contributing towards your future financial wellbeing. You may also be eligible to claim a tax deduction.
This could reduce the amount of income tax you pay and potentially put more money in your pocket at tax time.
Save at tax time
If you are eligible, claiming after-tax contributions as a tax deduction may help you pay less tax, saving you money at tax time. Even though you made the contributions from your after-tax pay, when you claim a tax deduction your super fund will treat them as before-tax (concessional) contributions. These contributions are generally subject to 15% contributions tax.1
How much you'll benefit from claiming a tax deduction on your super contributions depends on your individual tax rate and how much your taxable income is reduced by the additional deduction.
Keep in mind there are limits on how much you can put into super, and you generally can’t access to your super until you reach age 60 and retire.
It’s also worth noting that if you are a low income earner who is eligible for the government co-contribution, claiming your full amount may mean you no longer receive this payment.
Key end of financial year processing and blackout dates
Please note: There will be a processing blackout period from 11:59pm (AEST) Tuesday 25 June 2024 to early July 2024. Any paper switches received after 25 June won’t be processed until 1 July and will receive the 3 July unit price.
| Type |
Key dates |
| Income account requests and restarts |
Ensure we have received requests by 13 June 2024. |
| Consolidate with QSuper |
For requests to consolidate other super held outside of Australian Retirement Trust into a QSuper account, ensure we have received this by 13 June 2024. |
| Contribute to super – Cheque |
Ensure we have received this by 28 June 2024. |
| Contribute to super – BPAY® |
Ensure you complete your payment via your financial institution by 25 June 2024.
®Registered to BPAY Pty Ltd, ABN 69 079 137 518.
|
| Notice to claim a tax deduction |
Ensure we have received this by 30 June 2024 if you are claiming for the 2022/2023 financial year. |
| Withdraw money from an Accumulation account or Income account |
Need the funds in your bank account before EOFY?
– For withdrawals from an Accumulation account, to allow for banking timeframes, submit by 13 June 2024.
– For withdrawals from an Income account, to allow for banking timeframes, submit by 13 June 2024. |
We’re here to help
Personal financial advice may help you make informed, confident decisions and achieve your goals. Deciding what is best for you will depend on your personal circumstances and you may want to seek personal financial advice to get the most from your superannuation. You can find out more about financial advice options at qsuper.qld.gov.au/advice2
1. If your income plus before-tax contributions is higher than $250,000, additional tax of 15% may apply to some or all of your contributions.
2. Advice is provided by QInvest Limited (ABN 35 063 511 580, AFSL 238274) (QInvest) which is wholly owned by the Trustee as an asset of Australian Retirement Trust. QIL is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide for more information.