Claim your Superannuation Contributions on Tax

You can make personal super contributions to your superannuation fund and claim it in your income tax return as an income tax deduction.

How does it work?
The best way to explain it is by an example. Steven is employed as an IT Consultant. During the 2017-2018 financial year, he earns a salary of $78,000.00. Steven makes a personal super contribution of $3,000.00 to his superannuation fund.

No Contribution Contribution
Salary $78,000.00 $78,000.00
Contribution <$3,000.00>
Taxable Income $78,000.00 $75,000.00
Tax Payable $17,861.49 $16,856.49

In this comparison, Steven will receive an income tax refund of $1,004.51. If you have available savings and contribute those savings to your superannuation fund, you will receive a tax savings equal to your marginal tax rate. In this example, the tax saving was 33.5c per dollar of the superannuation contributed.

To be eligible:

  • You must make the contribution to a complying superfund
  • You are aged 75 years or less
  • You must notify in writing your superfund the amount you intend to claim as a tax deduction
  • Your fund acknowledges your notice of intent to claim in writing
  • Your contributions must not exceed the Concessional Contribution cap of $25,000.00 per annum

If you have any questions about the change and the estimated tax savings, please contact me on 07 3357 5553 or email to discuss how it could apply to you


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