A focus on long-term performance
Money magazine’s Best Retirement Innovator 20232
Pay less tax by adding to your savings
It's easy to claim a tax deduction on money you add to your super, if you're eligible. Did you know more than 30,000 QSuper account holders claimed a tax deduction last year?1
Claiming a tax deduction for your personal super contribution (a.k.a. voluntary, after-tax, or non-concessional contribution) or standard member contribution may have 3 main benefits:
Claiming a tax deduction when completing your tax return lowers your taxable income – so depending on your income, you could pay less tax.
Any extra contributions you make now create a big difference to how much you end up with over time.
Adding to your super is not just a boost to your tax return. Investment earnings in super are taxed at up to 15%, which may be lower than the tax you pay on your income.
You can claim a tax deduction for:
To make a claim:
We break down the dollar figures so you can see how claiming a tax deduction, even after paying tax on the contribution, can mean you pay less tax.
If you want to claim a tax deduction for a QSuper account, you need to:
Are you between 67 and 75 years old? You'll also need to meet the work test or work test exemption. You're not able to claim a tax deduction from 28 days after you turn 75.
If you're under 18 at the end of the financial year you made the contributions in, you'll need to earn income as an employee or by running a business.
There are strict rules for claiming your super as a deduction. For more information, read the factsheet attached to the form (pdf), download our Personal Contributions Guide (pdf), or talk to an accountant or tax agent.
Although you made the contributions from your after-tax pay, when you claim a tax deduction, your super fund treats them as before-tax (concessional) contributions.
This means you pay the 15% super contributions tax (or 30% if your income and before-tax contributions equal more than $250,000/year). If you haven't given your super fund your tax file number (TFN), the super tax rate may be higher.
How much you'll benefit from claiming a tax deduction on your super contributions depends on your normal tax rate, and how much your super contribution is reduced by when you claim a tax deduction on it.
If you're earning less than $58,445 per year, you may wish to claim the government's super co-contribution instead of a tax deduction.
Discover more ways you can add to your super, such as other contribution types. Or find out ways to claim other benefits apart from tax deductions.
Yes, depending on which type of super contribution you made, you may be able to claim a tax deduction.
You can't claim a tax deduction:
When your employer pays your super or you salary sacrifice money to your super from your before-tax, you pay the contributions tax on superannuation, which is 15% (or 30% tax if your income and before-tax contributions equal more than $250,000/year).
Investment earnings your super makes are also taxed at up to the 15% super tax rate.
If you make an after-tax contribution (personal or voluntary contribution), you don't pay this tax because you've already paid income tax. But when you claim a tax deduction on it, the 15% super contributions tax does get charged.
In 2023–24, you can add a total of up to $27,500 in concessional contributions before tax each financial year. These are normally taxed at 15% (or 30% if your income and before-tax contributions equal more than $250,000/year). You could be paying more tax if you haven't given your TFN to your super fund.
You can add up to $110,000 per year in non-concessional (personal/voluntary/after-tax) contributions, depending on your super balance. No tax applies to after-tax contributions.
Learn more about the contribution limits.
Yes, claiming a tax deduction changes your contribution from non-concessional to concessional, and your concessional cap also includes your employer and salary sacrifice contributions. So it's worth checking whether you're close to your before-tax (concessional) contribution cap for the financial year before deciding how much to claim for your deduction.
Also consider the carry-forward and bring-forward rules. These two rules mean that if you're eligible and you haven't contributed up to the full limits in a particular financial year, you could contribute more the next year.
If you're making super contributions, you can't backdate those contributions.
However, it's worth learning about the carry-forward and bring-forward rules, which are similar to backdating super contributions. These two rules mean that if you're eligible and you haven't contributed up to the full limits in a particular financial year, you could contribute more the next year.
You can make more than one claim for tax deductions on super with us before you fill out your tax return for the financial year.
For example, let's say you've made an early claim with us for a super tax deduction within a financial year. After this you make some extra contributions to your super before 1 July and would like to add this money to the amount you're claiming. You can make a second claim — just for the extra amount — before you put in your tax return for that financial year.
Also, if you've put in a claim for a tax deduction but you'd like to reduce the amount you're claiming before doing your tax return, you can tell us by filling in the paper form (pdf). Keep in mind there are time limits for changing the amount you want to claim.
Remember to wait until we let you know that we've processed your claim before submitting your tax return.
Usually, your super fund and employer will automatically report your super balances and contributions to the ATO.
If you're claiming a tax deduction for super contributions, you list the amount you're allowed to claim as a deduction in your tax return. You can check this with your accountant or tax agent at tax time.
However, if you're not claiming a deduction, you don't need to include super contributions in your tax return.
We make it easy to add money to your super now and claim your tax deduction.
Make a personal super contribution now using your BPAY details from Member Online.
Check your total personal super contributions and claim your tax deduction in Member Online.
1. Assumes a 30% average tax rate, less 15% contributions tax. Figures are estimates only based on these QSuper members accounts only.
2. You cannot claim a tax deduction for standard member contributions made to a Defined Benefit account.
3. This case study for illustrative and educational purposes only, and the members shown are not real. Additionally, figures may be rounded for ease of understanding. Members should seek advice from a qualified licensed professional, regarding their own circumstances. $3,450 tax return is based of $10,000 in post-tax contributions multiplied by a marginal tax rate is 34.5% including 2% Medicare levy. Tax return does not take into account other income and deductions or tax offsets. This case study is for illustrative purposes only to show how tax deductions work for super contributions, and we haven't taken into account your personal tax liability. The calculation is based on tax rates for the 2023-24 financial year and assumes Sam has met all terms and conditions.
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
Sam is a registered nurse and earns a salary of $80,000 per year. During the year, Sam makes $10,000 in personal after-tax contributions to their QSuper Accumulation account.
Sam completes the tax deduction claim form in Member Online or sends us the paper form (Notice of intent to claim a tax deduction for personal contributions (pdf)).
Submitting this form means their after-tax contributions are treated as before-tax. After the super tax of $1,500 (15%) is taken off, they've added $8,500 to their super.
Sam claims a tax deduction for $10,000 in their tax return, reducing their taxable income to $70,000 for the year (disregarding any other income and deductions).
Sam's marginal tax rate is 34.5% (including the 2% Medicare levy), which means that – after claiming the deduction – they pay $3,450 less in tax.
After $1,500 tax was deducted from Sam's super contribution, they've still saved $1,950 in income tax.3
And of course, they've also added to their savings for the future.
It's worth Sam thinking about whether they want to claim the tax deduction, meaning $8,500 is added to their super, or stick with their original contribution of $10,000.