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How to claim your after-tax contributions as a tax deduction

After tax conts image

July means it’s tax time.

If you’ve made after-tax contributions to your super, don’t forget that you can claim these as a tax deduction.

Whether you make these contributions to boost your existing savings or as your primary super contributions source, you may want to claim them as a tax deduction for the 2020-21 financial year.

How much you can claim

Any voluntary after-tax contributions you make are classed as non-concessional and can be claimed as a tax deduction.

Keep in mind the annual $100,000 after-tax contributions cap; exceeding this total will incur tax penalties.

You can only use this deduction to reduce your taxable income to nil – you can’t add to, or create a loss for, your business through contributing.

Everyone’s circumstances are different and you may want to speak to your accountant or registered tax agent before making a claim to ensure you’re claiming the right amount. Depending on your individual circumstances, you may want to claim the full amount of your after-tax contributions as a deduction, or you may only want to make a partial claim or no claim.

We understand freelance and self-employed members are likely to have a different approach to super. You might not be receiving the super guarantee from an employer on a regular basis, and contributions you make yourself could be infrequent due to the nature of your work.

It all means that after-tax contributions may be your primary means of saving for retirement, and you’re able to claim these as a tax deduction.

Head to the Super for the self-employed and freelancers page to learn more.

How to claim after-tax contributions

To claim your after-tax contributions, use the ATO’s Notice of intent to claim or vary deduction for personal contributions form to notify us about how much you will claim.

You will need to complete this form and notify us before the earliest of the dates when:

  • you lodge your tax return for the year the contributions were made
  • the end of the financial year after the financial year in which you made the contributions
  • you formally request a withdrawal benefit from the Fund (if applicable).

It’s important that we have your tax file number (TFN). You can provide your TFN by calling the Helpline on 1800 640 886, by logging into your online account or by mailing us a completed TFN collection form.

Head to How super is taxed for full details and more information on how to claim.

We’re here to help

Tax can be a tricky topic and we understand you might have questions.

Please consult your accountant or registered tax agent before making a claim to ensure you’re claiming the right amount.

If you have questions about how to make a claim, how super is taxed or making contributions, call the Helpline on 1800 640 886 between 8.00am and 7.00pm AEST/AEDT.