Over the last couple of years individuals have been able to claim super contributions as a tax deduction. In order to be able to do this, a number of factors are involved:

  1. Your super contributions must be made with your after-tax income.
    1. This is because you have already paid tax on this contribution. As you have already paid tax, you therefore have tax you can claim back.
  2. The contribution must be made in the same financial year you are claiming it as a deduction.
    1. You can’t claim for previous years unless you do an amendment for that financial year.
    2. All contributions are required to be received in the Super Find before 30 June, if received at 1 July, this will then need to be claimed in the next tax return.
  3. Before your Accountant can include the amount in your tax return you will need to request a letter of intent to claim form from your Super Fund. You will then need to provide this letter to your Accountant.
    1. This is because your Super Fund needs to record the amount as a Pre-Tax contribution now instead of a Post-Tax contribution.
    2. They also need to notify the Accountant the exact amount that can be claimed.
  4. You have a Pre-Tax CAP of $25,000 for the financial year. The amount that is moved from Post-Tax to Pre-Tax can not bring your Pre-Tax contributions over the CAP amount.
    1. Your Pre-Tax Contributions include any Salary Sacrificing and Employer Contributions.

Before requesting the intent to claim letter from your Super Fund, we recommend that you seek Financial Advice to make sure this is a good option for you. If all this sounds a bit confusing, contact us to help you through the process.