Self-employed

If you’re self-employed the responsibility of adding to your super most likely falls to you.

The good news is that you can claim a tax deduction for any voluntary super contributions you make.

If you claim a deduction, your voluntary contributions are treated as ‘concessional’ (or before tax) contributions, that is, contributions that you have not paid tax on.

If you do not claim a deduction, your voluntary contributions are treated as ‘non-concessional’ (or after tax) contributions, that is, contributions that you have already paid income tax on.

Different limits and tax treatments apply to concessional and non-concessional contributions.

If you wish to claim a tax deduction on your contributions and plan to start a Media Super Pension, you will need to claim the deduction prior to commencing your pension.

Low income initiatives

If you make concessional contributions and you earn less than $37,000 in the financial year, You may be eligible for the government Low Income Super Tax Offset. This is a government addition to your super of $10 to $500 paid on deducted contributions of up to $3,330 in a financial year.

If you make contributions and do not claim a deduction, you may be eligible for a government co-contribution.