How to claim your tax deduction for personal super contributions before 30th June 2019

ta refund ahead 7e3bec4d662cf2d155bbb2a1183d3b6d.jpg

TIPS: How to claim your tax deduction for super contributions before 30th June 2019

The new super rules ( as of 1 July 2017) mean that anyone under 65* years  can claim a tax deduction for their personal contributions to super.

The maximum (tax) deductible contribution you can make is $25,000 per year .

And the $25,000 limit also includes:

  • Any super put in by your employer ( currently 9.5% SGC) and,

  • Any salary sacrifice amounts you contribute.

However, time is running out!

Here’s what you need to do:    

1. Get your funds together and see how much you are able to contribute by 30th June

  • Remember that you cnn only contribute up to the $ 25,000 annual limit;

  • Check the amount of super your employer has /will contribute to your super by the end of the financial year, and

  • Check any salary sacrifice amount you may have already put into your super

2. Make your personal contribution well before the 30th June 2019 deadine


  • Make any contribution as soon as possible.

  • June is a very busy time for super funds, and the date of your contribution is actually the date your fund has received/processed any contribution.

  • (And this year, 30th June 30th is a Saturday!)


3. Contact your super fund or look on their website to find out how they do it:

  • There will be a form for you to complete ie Notice of intent to claim a tax deduction for personal contributions.


4. Let the tax office (ATO) know that you want to claim a deduction by:

  • Completing the ATO form (elect to make a deduction for personal super contribution), or

  • Checking with your super fund as they may have an election form, or

  • You can write to your fund and let them know you want to make the claim.


TIP : Timing is important, if you want to claim the deduction

The election should be by the earlier of:

  • when you lodge your tax return with ATO, or

  • The end of the next financial year (ie 30 June 2020 for contributions made in 2018/19).

Your super fund will let you they have received the election form

And then you are able to claim the deduction!


Other things to be aware of:

  • What happens if you claim too much ( ie you go over the $25,000 limit)?

o   You may have to pay an excess contributions tax ( tax at your personal rate + penalty)

  • If you are considering starting a pension from your super, the fund must have your election before you start a pension with this amount. Otherwise you won’t be eligible for any tax deduction.

  • What will you do with any deduction?

TIP : Paying off your non tax-deductible debt first will help you get debt-free faster!


Next steps

Call us for a quick chat or drop us a line for help with paying down loans and getting your income more tax effective.

For more ideas, check out the Viva blog on

·       Saving for a home?  Get to buy your first home faster

·       New HECS-HELP repayment thresholds from July 1 2018


* If you’re aged between 65 and 75 you’ll need to meet the work test before you can make a personal contribution for 2018/19