Can I claim a tax deduction for my personal contributions?
If you’re self-employed or unemployed, then generally you can claim a full tax deduction for your personal super contributions (although it’s best to have a chat to your accountant about the exact conditions, and whether it’s the best strategy for you).
If you are self-employed or unemployed, and you’re already a QSuper member, then it’s just a matter of contributing to your QSuper Accumulation account and then claiming a tax deduction. If you’re not a member, but your spouse is, then you can join too. Have a read through the Accumulation Account Guide for more information.
There’s no limit to how much you can claim as a tax deduction
But there are caps on the amount of contributions you can make to superannuation at concessionally taxed rates. Find out more about contribution caps.
How to claim a tax deduction
Just fill in a Notice to the QSuper Board of Trustees form, or complete the declaration and notice included on the Deposit form, which you send with your deposit.
We need to acknowledge a notice for it to be valid, and, once we receive it, the notice can’t be revoked or withdrawn. It may be varied to reduce the amount covered by the notice (which can be nil) before either the time you lodge your income tax return, or the end of the financial year following the year the contribution was made, whichever is earlier.
We’re required to deduct 15% tax from any contributions for which you’re claiming a tax deduction. These contributions may be taxed again when you take the money in cash, as they are concessional (before-tax) contributions. Your contributions and investment earnings must remain in superannuation, generally until you retire after reaching your preservation age, or turn 65, whichever is sooner.