Get the most out of your tax-time entitlements

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.

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.

Dates you need to know to claim a tax deduction

At Australian Retirement Trust, the last day a contribution may be made via BPAY^® and be credited to a member’s account this financial year is 30 June 2023.

Remember it is not the date that you process your contribution to your individual Bank Portal, but when it is received.

It may take three to five days for Australian Retirement Trust to receive some contributions from some banks.

As a result, we recommend you process BPAY^® contributions by Tuesday 27 June 2023 if you want to ensure your contributions are included this financial year.

We must also receive cheques by 30 June 2023 for it to be credited your account in time.

Any forms and cheques received on Thursday 1 July will not be included in the 2022-2023 financial year.

We recommend you post forms by Friday 23 June (express post) or Tuesday 20 June (regular mail) to ensure that the contribution is included. However, we cannot guarantee postal deliveries will be made in time.

If contributing via EFTPOS, you must present to one of our three Member Centres by 5:00pm on 30 June 2023.

The expected turnaround time for processing tax deductions is five working days.

Key dates for end of financial year voluntary contributions

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/advice

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