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Tax deduction for personal contributions

1 July 2024

Adding to your Brighter Super account from after-tax money, whether through one-off payments or contributing small amounts regularly, will grow your super savings faster and give you more money to live off in retirement.

Making after-tax contributions

After-tax contributions are known as non-concessional contributions and are not taxed when paid into super.

However, anyone under age 67 (and those aged 67 to 74 who satisfy the work test) can claim a tax deduction for these contributions.

If they are claimed as a tax deduction, these contributions change to concessional (before-tax) contributions and will be taxed at 15% within your account. They will also count towards your concessional contributions cap.

You must lodge a notice of intent to claim a deduction with Brighter Super if you want to claim a deduction.


How much can I claim as a tax deduction?

While non-concessional contributions are paid from your after-tax money, keep in mind that when claimed as a tax deduction they will count towards your concessional contributions cap, which is $30,000 for the 2024/25 financial year.

Contributions above the concessional cap will be taxed at your marginal tax rate, plus an excess contributions charge.

If you are between 67 and 74 years old, you need to meet the work test (working at least 40 hours over a consecutive 30-day period) to claim a deduction.


How do I make a personal non-concessional contribution?

You can make one-off payments or contribute small amounts regularly in one or all of the following ways:

Payroll deduction
Talk to your payroll area and ask them to pay an amount from your after-tax money each pay period.

BPAY
Pay as often as you like through BPAY. Log in to your Brighter Super account securely through Member online for the Voluntary Contribution biller code and reference number, then start making payments as often as you like.


How do I claim the tax deduction?

To claim a tax deduction for personal contributions made to your super account, simply follow the steps below:

Step 1
Make an after-tax contribution.

Step 2
Download the Notice of Intent form.

Step 3
Complete form (before any withdrawal or account closure).

Step 4
Send the form to Brighter Super by email or post.

Step 5
Brighter Super will send you a confirmation.

Step 6
Use the information from our confirmation when completing your tax return.

You will only need to complete a Notice of intent to claim or vary a deduction for personal super contributions once each financial year. If the Australian Taxation Office denies your tax deduction after you have lodged your tax return, please contact us as soon as possible.


Do you need my TFN?

Yes, we can only accept your super contributions if we have your tax file number. Log in to your Brighter Super account securely through Member Online to check your TFN status and tell us your TFN if we don't have it on file.


Is claiming the tax deduction right for me?

We recommend you see your accountant or financial adviser if you are unsure of the potential implications. Brighter Super offers financial advice on contributing to superannuation at no additional cost.

We’re here to help

For general questions relating to your Brighter Super account, please contact us.

To book an advice appointment, email us on advice@brightersuper.com.au or call us on 1800 444 396.

LGIAsuper Trustee (ABN 94 085 088 484) (AFSL 230511) (the Trustee) as trustee for LGIAsuper (ABN 23 053 121 564) (RSE R1000160) (the Fund) trading as Brighter Super. Brighter Super products are issued by the Trustee on behalf of the Fund. Brighter Super may refer to the Trustee or LGIAsuper as the context may be.

This info sheet provides general information only and does not take into account your individual objectives, financial situation or needs. As such, you should consider whether it is appropriate in light of your own objectives, financial situation and needs prior to making any decision. You should consult a licensed financial advisor if you require advice which does take into account your personal financial circumstances. You should also obtain and consider the Product Disclosure Statement (PDS) before making any decision to acquire any products. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the PDSs and TMDs at brightersuper.com.au/governance.