Each year, the government tops up thousands of eligible super accounts and gives tax incentives for making extra super contributions to those who qualify. But to take advantage of these incentives for this financial year, you must act before 30 June. See below for processing dates. 

Claim a tax deduction

If you make a contribution to your super from your post-tax income you may be eligible to claim a tax deduction when you’re preparing your tax return.  Just make sure you meet the eligibility criteria, don’t go over your contributions cap, and follow the proper procedure for making a claim. You can contribute easily via BPay –and then make sure you fill out the Notice of Intent to Claim a Tax Deduction Form so your contribution is processed correctly. Before you can claim this deduction on your tax return, you must receive a written acknowledgement from us confirming we’ve received your form.

Claim a tax deduction

Bonus money for contributing to super

If you earn up to $58,445 this financial year, you may be eligible to receive a co-contribution of up to $500 from the government, if you make an after-tax super contribution before 30 June 2024. Some rules do apply, but if you’re eligible, the Australian Taxation Office will automatically make the co-contribution into your super account after you have lodged your tax return.

SEE HOW MUCH YOU COULD GET

Additional tax breaks for topping up your spouse’s super

If your eligible spouse is at home or working part-time, you could make a spouse contribution to their super and receive a tax offset. If your spouse earned under $37,000 this financial year, and you make a post-tax contribution of at least $3,000 into their super account, you can access the maximum tax offset of $540.

If your partner's total income is between $37,000 and $40,000 per year or you contribute less than $3,000, you can still claim an offset, but it works on a sliding scale.

CALCULATE YOUR POTENTIAL REBATE

More tax savings through salary sacrifice

Since super generally attracts a lower tax rate, it can make sense for you to make regular additional pre-tax (salary sacrifice) contributions to your super account. However, there are limits as to how much you can contribute each financial year. The pre-tax (concessional) contributions cap is $27,500 for this financial year (counted across all of your super accounts). If you haven’t yet reached this cap, you could think about putting in a little extra to make the most of the tax savings before the end of financial year.  You can see how you’re tracking against the cap by logging into SuperOnline.

CHECK MY CAPS

Contribution deadlines

If you’re thinking of making an extra super contribution this financial year, we recommend the below time frames to ensure we receive your contribution in time to meet the 30 June 2024 deadline.

We’re here to help

If you'd like some help with claiming tax deductions, salary packaging and more
give us a call on 1300 033 166 or fill in our online contact form.