You can claim your tax deduction when submitting your tax return with the ATO. You’ll need to let us know in writing that you plan to claim a deduction with your tax return. We will send you a letter confirming we’ve received your notice. You’ll need this letter for your tax return:
When you claim a tax deduction, your after-tax contribution is converted to a before-tax contribution. This counts towards your annual concessional contributions cap.
When you decide how much you want to add to your super, keep your contribution caps in mind. Concessional contributions are made before-tax.
You can contribute up to $27,500 each financial year. These contributions include:
If you have multiple super accounts, the total of all your concessional contributions across your super accounts together is included in your concessional contribution cap of $27,500.
The government also allows you to use catch up concessional contributions. These contributions let you add more to your super if you haven’t reached the cap in previous years.
All your contributions are added up and count towards your caps.
If you go over the cap, you might pay extra tax.
You’ll need to meet the Australian Taxation Office (ATO) requirements to claim a deduction.
You can claim a tax deduction if you:
Once you have checked you meet the criteria you can claim your deduction in a few steps online. Contact us if you need help.
The ATO will let you change the amount you want to claim. You can change your amount by sending us a new Notice of Intent. We’ll send you a letter to confirm the new amount.
We offer a range of advice options to suit your needs. Our experienced planners can help improve the way you manage your money and plan for the future.
There are limits, or ‘caps’, on how much you can contribute to your super each year. If you go over the cap, you could end up paying more in tax.
Join our experts as they break down super and finances into easy-to-understand topics.
This website contains general advice only. We have not taken into consideration any of your objectives, financial situation or needs or any information we hold about you when providing this general advice. Further this website does not contain, and should not be read as containing, any recommendations to you in relation to your product. Before taking any action, you should consider whether the general advice contained in this website is appropriate to you having regard to your circumstances and needs and seek appropriate professional advice if you think you need it. You should also read our Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making a decision about Aware Super. Aware Super financial planning services are provided by Aware Financial Services Australia Limited, ABN 86 003 742 756, AFSL No. 238430, wholly owned by Aware Super. Issued by Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365.
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