Get the most out of your tax-time entitlements

Don’t leave it until the last minute to make the most of your entitlements and deductions this tax time.

If you make voluntary contributions into your superannuation account from your after-tax income (also called non-concessional or personal contributions), not only are you contributing towards your future financial wellbeing, but 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, depending on your individual circumstances.

Around 21,000 QSuper members submitted a claim in 2019-20, receiving an estimated $23 million back in total.¹

Save at tax time

If you are eligible, claiming personal contributions as a tax deduction may help you pay less tax, saving you money at tax time.

The benefit of claiming a tax deduction on your super contributions will depend on your marginal tax rate. If you earn more than $45,000 per year in taxable income, claiming a deduction could be a tax-effective strategy. We recommend seeking professional advice to see if this strategy is right for you.

Keep in mind, although you made the contributions from your after-tax pay, by claiming a tax deduction your super fund will treat them as before-tax (concessional) contributions and they will be subject to 15% contributions tax and count toward your yearly $25,000 cap on before-tax contributions. Note: This cap will rise to $27,500 from 1 July 2021.

It is important to remember that if you are eligible to claim a tax deduction, please notify QSuper in writing before you lodge your annual tax return. You have until the date you submit your tax return, or the end of the following financial year in which the contributions were made (whichever is earlier), to let QSuper know you want to claim a tax deduction.

Don’t leave it too late to make the most of your tax deductions

Be sure not to leave it until the last minute to make your contributions before the end of the financial year.

At QSuper, the last day a contribution may be made via BPAY and be credited to a client’s account this financial year is 30 June 2021.

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 QSuper to receive some contributions from some banks.

As a result, we recommend you process BPAY contributions by Friday 25 June 2021 if you want to ensure your contributions are included this financial year.

We must also receive cheques by 30 June 2021 for them to be credited your account in time.

Any forms and cheques received on Thursday 1 July will not be included in the 2020-2021 financial year.

We recommend you post forms by Wednesday 23 June (express post) or Friday 18 June (regular mail) to ensure that the contribution is included.

If contributing via EFTPOS, you must present to one of our three Member Centres by 5pm on 30 June 2021.

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

As a QSuper member you have access to over-the-phone financial advice. Personal financial advice may help you save money right now, build a better future retirement, protect what you have and set strategic goals.

Find out more

1. Assumes a 30% average tax rate, less 15% contributions tax. Figures are estimates only based on these QSuper members' accounts only.

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