If you’ve made contributions to your super from your after-tax income you may be able to claim them as a tax deduction.
To be eligible to claim a tax deduction you must:
*Before-tax contributions have tax benefits for many members, as the contributions tax you pay will generally be less than your marginal tax rate. If your taxable income is less than $250,000 per year, your super contributions are taxed at 15%. If you’re a high income earner (adjustable taxable income including salary sacrifice superannuation contributions more than $250,000 per year), you’ll pay 30% tax on super contributions.
Everyone’s tax circumstances can be different and we recommend you seek professional advice to fully understand your own situation. Our in-house financial advisers can help or you may want to seek advice from a tax specialist.
From a tax and super perspective, any after-tax contributions for which you claim a tax deduction are treated in the same way as salary-sacrifice (before-tax) and employer contributions. That means these contribution amounts will:
You will also no longer be eligible for a Government co-contribution on the amount you claim.
|Complete and return the Claiming a deduction for personal super contributions form to us to get the process started.|
|We’ll process your request, deduct appropriate tax from the amount claimed, and send you an acknowledgement confirming our agreement to the amount you intend to claim.
You’ll need this before you can claim a deduction through your tax return.
|Submit your tax return, including the relevant details and the amount you are claiming as a deduction in the supplementary section of your tax return. You’ll need the following details:
Fund name : Mercy Super
If you’re looking to make additional contributions before the end of the financial year you need to ensure they are paid well in advance to allow time for them to be allocated to your account before 30 June 2019.
We suggest you BPAY® any additional contributions by Friday 21 June 2019 to make sure they are allocated to your account before 30 June 2019.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
Be careful not to exceed your concessional contributions caps for the year. You can check how you’re progressing against your annual contribution caps anytime by logging in to Member Online or contacting us.
If you’re intending to withdraw any part of your super benefit (such as to set up an Income account, split contributions with a spouse or transfer your super to another fund) you need to submit your form to us before any withdrawals are made. To claim a deduction you must lodge the form by the earlier of:
Remember – before completing your tax return, you’ll need to wait until you receive acknowledgement from us.
If you have any questions about the process to claim a tax deduction for your personal super contributions, just contact us. Give us a call on 1300 368 891, send us an email or drop by for a chat.