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You could lower your taxable income and qualify for a tax deduction if you make a qualifying after-tax contribution to your super.
An after-tax super contribution includes any payment you make from your take-home pay. It does not include super guarantee (employer super payments of at least 9.5% of your salary) or payments made by salary sacrifice.
How much you can claim
Once TWUSUPER has accepted your Notice of Intent to Claim a Tax Deduction form, the after-tax contribution is treated as a before-tax contribution.
This means it will be subject to the concessional contribution cap (generally $25,000 a year, although the carry forward rule may mean you can contribute more) and be taxed at the same tax rate as other before-tax contributions. This is 15% for most people.
Remember: Payments made by your employer - including the Super Guarantee and salary sacrifice - will count toward the concessional contribution cap of $25,000 a year.
The carry forward rule from 1 July 2019
For most people, the concessional contributions cap for the 2019/20 financial year is $25,000.
However, there are some options that allow you to contribute more than the cap, including the ‘carry forward’ rule. From 1 July 2019 you can carry forward any unused amount of the concessional contributions cap for up to five previous financial years, if your total super balance is less than $500,000 on 30 June of the previous financial year (covering all super accounts in your name). Note, any unused cap can only be used from the 2019/20 financial year.
For example, if your before-tax contributions in the 2018/19 financial year totalled $10,000, you could carry forward the additional $15,000 over to the 2019/20 financial year. This means you could contribute up to $40,000 in 2019/20.
Are you eligible?
To qualify to apply for the tax deduction, you must be a member of a complying super fund (like TWUSUPER), aged under 75* and:
- make an after-tax contribution (or multiple contributions) to your TWUSUPER account, and
- notify TWUSUPER in writing of your intention to claim a tax deduction using the ATO form. We have a pre-filled a form to make things easier.
If you're under 18 years at the end of the financial year, you must have earned income as an employee or business operator in the year you intend to claim the tax deduction.
We suggest you seek financial advice about claiming a tax deduction.
Withdrawals - including pensions and rollovers
You can’t claim a deduction if you use the contribution to start a super pension, or make a full withdrawal or rollover to close your account after the contribution was made but before your Notice of Intent to Claim a Tax Deduction form has been processed.
If you've partially rolled over or withdrawn your super, your notice won't be valid for the entire contribution. This is because you can only deduct a proportion of the contribution that remains in your super account.
You can't claim a deduction on contributions you've split with your spouse**, although you can claim other benefits for this.
How to claim a tax deduction
- Make an after-tax contribution (or contributions) to your TWUSUPER account with BPAY®. You can get your Biller Code by calling us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays or logging in to Member Online.
- Fill in and send to TWUSUPER your Notice of Intent to Claim a Tax Deduction form.
- Receive TWUSUPER's written acknowledgement of your intent to claim the deduction.
- Lodge your tax return and claim the deduction for your after-tax super contributions.
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
Speak to a contribution specialist
It can be hard to understand whether you’re eligible to make a tax-deductible contribution. As a members of TWUSUPER you can benefit from the wealth of knowledge that our super specialists have. They’re here to answer your queries about contributions. There's no extra cost to use this service. The team's available between 9am and 5pm (AEST/AEDT) on 1800 222 071.
Use the form below to request a call back. Note that the call back service is available for Australian residents only. If you're overseas, please call +61 3 9192 4414.
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* You can make a qualifying payment up to 28 days after the month you turned 75 years old.
** The law defines a spouse as another person (whether of the same or different sex) who is legally married to you, or a person who, although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.