Boost your super with a tax deductible personal contribution
Making a personal tax contribution is a great way to give your super investment a boost and reduce your tax bill at the same time.
How does it work?
If you make a personal super contribution to your account and notify us that you intend to claim a tax deduction, the amount of that contribution can be deducted from your assessable income, reducing your personal tax bill for the current financial year.
How much can you contribute?
There is an annual cap of $25,000 on pre-tax or concessional personal contributions and this amount includes any super contributions paid by your employer plus any other tax-deductible personal contributions you make to your super account.
If you have more than one super account, this annual cap applies to all the concessional contributions made to any of your accounts.
So there is a limit to the amount you can contribute and still claim a tax deduction on for the current financial year. This amount will depend on your level of income and if you have made any concessional contributions to your super account this financial year, including any salary sacrifice contributions.
If you’re unsure about how much you can contribute this financial year, call us on 1300 LGSUPER (1300 547 873) between 8.30am and 5.00pm, Monday to Friday.
The limits on salary sacrifice contributions
There is a cap on the concessional or pre-tax contributions you can make each financial year. It’s important to note that concessional contributions include the super guarantee contributions made by your employer and any salary sacrifice contributions, as well as any other contributions on which you may claim a tax deduction.
The concessional contribution cap is currently $25,000 per annum for everyone, regardless of your age. If your total superannuation balance was less that $500,000 at 30 June of the previous financial year, you can make 'carry-forward' concessional super contributions on a rolling five year basis from 1 July 2019. Amounts carried forward that have not been used after five years will expire.
What steps do you need to take?
To be eligible to claim the tax deduction you must complete all of the following steps:
- Check how much you can contribute to your super fund by using our calculator or by calling us on 1300 LGSUPER (1300 547 873).
- Print and complete the Notice of intent to claim or vary a deduction for personal super contributions (NAT 71121) and email or mail it to us.
- Make the contribution to your super account by the end of the financial year via BPAY or Electronic Funds Transfer (EFT).
- Ensure you receive a written confirmation of your intention to claim from us.
- Complete the section in your income tax return for personal superannuation contributions.
It’s important that you have received written confirmation from us before you complete your tax return.
For more detailed information, see how to make a claim on the ATO website.
Making your contribution
You can make a contribution into your super account via BPAY or EFT. For more information, simply log in to Member Online and go to ‘Payment options’.
Email or mail to us
To send us your completed ATO form, please mail to:
Local Government Super
Po Box N835
GROSVENOR PLACE NSW 1220
You can also email your form to admin@lgsuper.com.au
Need some help?
If you are intending to make a large contribution to your super, it may be beneficial to get some financial advice first.
If you would like to know more details or if you’d like us to guide you through the process, just call us on 1300 LGSUPER (1300 547 873) between 8.30am and 5.00pm, Monday to Friday.
This has been issued by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558), as Trustee for Local Government Super (ABN 28 901 371 321). This document contains general advice only and is not a substitute for personal advice as it does not take into account any individual’s investment objectives, financial situation or particular needs. Accordingly, an individual should seek professional personal advice before making a financial decision.
