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Can you boost your Superannuation?

Written by Bryn Robinson • Bookkeeping Manager
Published on 07 Dec 2016

If you are concerned with how comfortable you would like to live beyond retirement, you may be thinking about your superannuation. Naturally, your employer will be contributing a portion of your pay toward your superannuation.


Boosting your superannuation

The amount that is contributed is often determined by how much you are paid, which means if you make a lot of money, you can rest easy knowing you will have a pretty comfortable return for your superannuation. Did you know that you can actually boost your superannuation return by making personal contributions? You can boost your superannuation or your spouse’s by making personal contributions. Any money you make after-tax can be put toward your super.

These contributions

  • are in addition to any compulsory super contributions your employer makes on your behalf.
  • do not include super contributions made through a salary-sacrifice arrangement.

Your personal contributions can only be made from your after-tax pay and are considered non-concessional. Unless you claim a tax deduction on your contributions, they will count towards your non-concessional contributions.


Can you claim a tax deduction on your personal super contributions?

You generally can’t claim a tax deduction on your personal super contributions if you are an employee. If you do want to claim a tax deduction for your personal contributions, you will need to lodge a notice of intent with your super fund. This notice will need to be acknowledged in writing by your super fund to be recognised.

Keep in mind, if you claim a deduction for your personal contributions, you may not be eligible for a super co-contribution.

Check out another recent blog in this category.

Ready to create a superannuation contribution strategy?