Superannuation (Personal Contributions): Who Qualifies and What You Get
Learn how you can claim tax deductions on your personal superannuation contributions to help manage your long-term savings.
This scheme allows you to put extra money into your superannuation fund yourself to help build your retirement savings.
Who it's for
This is available to any Australian citizen or permanent resident.
What you get
You can claim a tax deduction for the money you personally contribute to your fund, provided you stay within the annual cap set by the government. This can help lower your taxable income for the year.
What it costs you
There is no fee to participate in this scheme, but it requires you to use your own after-tax income to make the contributions.
The catch to know
You cannot simply claim the deduction on your tax return automatically. You must first submit a 'Notice of Intent' form to your super fund to let them know you intend to claim a deduction for those specific contributions.
How to apply
- Decide on the amount you wish to contribute to your fund.
- Make the personal contribution to your superannuation account.
- Submit a 'Notice of Intent' form to your super fund.
- Wait for your fund to confirm they have received the notice.
- Claim the deduction when you lodge your tax return.