Year-end deductible personal super contributions

CoggerGurry • June 5, 2023

As we approach the end of the financial year, you may be able to claim a tax deduction for personal super contributions that you made to your super fund from your after-tax income – for example from your bank account directly to your super fund. 


Before you can claim a deduction for your personal super contributions, you must give your super fund a Notice of Intent to claim or vary a deduction for personal contributions and receive an acknowledgment from your fund. 


The personal super contributions that you claim as a deduction will count towards your concessional contributions cap. When deciding whether to claim a deduction for super contributions, you should also consider the super impacts that may arise from this, including whether – 


  • you will exceed your contribution caps 


  • Division 293 tax applies to you

 

  • you wish to split your contributions with your spouse 



  • it will affect your super co-contribution eligibility. 


If you exceed your cap, you must pay extra tax, and any excess concessional contributions will count towards your non-concessional contributions cap. 


If you would like to discuss any questions relating to your personal super contributions, please contact one of our tax specialists at 03 5571 0111.


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