If you are self-employed and make contributions to your super or you have made personal contributions to super as an alternative to salary sacrifice, you can claim a tax deduction. Tax deductions are only available for contributions paid to a complying fund, such as Media Super.
How much can I claim?
While you can claim a tax deduction for all your super contributions in your tax return, the ATO will apply additional tax if your super contributions exceed the relevant concessional and non-concessional contributions caps.
You can only use deductions for your super contributions to reduce your taxable income to nil - you cannot add to, or create a loss for, your business through contributing.
How to claim a tax deduction
If you have made super contributions into your Media Super account and wish to claim a tax deduction, you will need to 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, and
- you formally request a withdrawal benefit from the Fund (if applicable).
In addition, at the time of claiming the tax deduction, Media Super:
- still holds these contributions, and
- has not begun to pay a superannuation income stream based in whole or part of these contributions
Please use the ATO's Deduction for personal super contributions form to notify Media Super of the amount you will claim as a deduction. This form details the amount you have paid in super contributions during the year. To claim a tax deduction you must complete the form, return it to Media Super and receive acknowledgment of the amount from Media Super.
If you operate a company it is the company that claims the full deduction, so do not use the form referred to above. Super contributions made by the company are treated as employer contributions.
- In most cases, your personal super contributions will not be taxed if you do not notify Media Super that you intend to claim a deduction. They will be treated as voluntary contributions for tax purposes.
- The Deduction for personal super contributions form enables you to notify Media Super of the amount you will claim as a deduction. We then provide you with an acknowledgement as proof of your notification.
- Super contributions tax will be calculated on the amount that you are claiming as a tax deduction. The tax will be deducted from your Media Super account and sent to the ATO.