You're eligible to claim a deduction if you:
- have made a voluntary contribution for the current financial year,
- lodge a notice of intention to claim a tax deduction with your fund (download the Notice of intent to claim tax deduction form from the ATO website)
What happens when you claim a deduction?
Tax is deducted from your contribution by your super fund. The contribution amount no longer forms a part of your taxable income. This means tax savings may be available, depending on your income. The contribution is normally taxed at 15%. Additional tax will apply if your income (including concessional super contributions) is over $250,000, or if you exceed the concessional contributions cap.
Make a contribution
You can make a voluntary contribution on a regular or one-off basis, the following ways:
- BPAY® transfer get your unique BPAY reference number, or
- Direct debit from your bank account - just download the Direct debit form [PDF 55KB]
If you decide not to claim a tax deduction, depending on your total income, you may be entitled to a Government co-contribution if you make a voluntary after-tax contribution, without claiming a tax deduction.
It's also worth noting that there are some caps which limit the amount you can contribute, and how much contribution you can claim. Find out more about contribution caps.