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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 (SG) paid by your employer 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 $27,500 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 $27,500 a year.
For most people, the concessional contributions cap is $27,500.
However, if your total super balance is less than $500,000, you can carry forward any unused portion of the concessional contributions cap up to five previous financial years – this may allow you to contribute more than the $27,500 limit without paying additional tax.
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 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.
* You can make a qualifying payment up to 28 days after the month you turned 75 years old.
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If you've partially rolled over or withdrawn your super, your notice won't be valid for the entire contribution.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.
* 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.
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.
Note: To ensure your voluntary contributions reach your account in time for 30 June 2023, you should make your payment by 23 June 2023.
Speak to a contribution specialist
*Let us know your preferred contact number and preferred callback time between 9am and 5pm (AEST/AEDT) weekdays.
It can be hard to understand whether you’re eligible to make a tax-deductible contribution. As a member of TWUSUPER you can benefit from the wealth of knowledge that our super specialists have. They’re here to answer your queries about contributions. 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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General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at twusuper.com.au/tmd