Voluntary Superannuation Contributions: Who Qualifies and What You Get
Learn how self-employed individuals in Australia can make tax-deductible contributions to their retirement funds.
This scheme allows you to make extra payments into your retirement fund to help build your savings for the future.
Who it's for
This is designed specifically for self-employed individuals.
What you get
By making these voluntary payments, you can claim the contributions as a tax deduction, which may help reduce your overall tax bill while increasing your retirement savings.
What it costs you
To use this, you will need to set up and manage your own personal super fund account.
The catch to know
Simply sending money to your fund is not enough to get the tax benefit. You must submit a specific "Notice of Intent" form to your fund to officially claim the deduction on your tax return.
How to apply
- Set up a personal super fund account if you do not already have one.
- Make your voluntary contributions to that fund.
- Submit a 'Notice of Intent' form to your fund to notify them of your intent to claim a deduction.
- Use the confirmation from your fund when preparing your tax return.