Before the end of the financial year is a good time for you to consider boosting your superannuation with a personal contribution. The personal super contribution deduction may be an incentive to do this.

Personal Super Contributions Deduction Eligibility

To be eligible you must:

  • make personal (after-tax) super contributions directly to your super fund before 25 June 2019 (to ensure proceeds are received by your fund by 30 June), if you have not already contributed this financial year
  • supply your fund with a Notice of intent to claim or vary a deduction for personal super contributions
  • obtain written acknowledgement from your fund of your Notice of intent before lodging your 2019 individual tax return.

If you make super contributions that exceed your cap, you may have to pay extra tax.

For more information about what personal super contributions are and learn how to claim a tax deduction correctly contact your client relationship manager.