Claiming a tax deduction
If you’re aged between 18 – 75 and make a personal super contribution, you may be eligible to claim a tax deduction.
Remember, any contributions for which you claim a deduction, will then be counted towards your before-tax contribution limit.
If your total income is less than $51,813, and you make after-tax contributions to your super fund, you may be eligible to receive a co-contribution, which is where the government will make a contribution of up to $500 into your super fund.
The maximum co-contribution amount you’re eligible for will vary based on your total income and your contribution amount.
Remember, other eligibility criteria applies and you won't receive any co-contribution if your income is equal to or greater than the higher income threshold of $51,813.
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Find out how to make after-tax contributions to your AMP super
A salary sacrifice is a before-tax contribution to your super. You choose to ‘sacrifice’ part of your before-tax salary, or bonus, and have your employer add it directly to your super account. This is in addition to the compulsory SG amount your employer is required to contribute.
One of the benefits of salary sacrifice contributions is that they are generally taxed in the super fund at 15%* instead of your personal tax rate.
Read more about how salary sacrificing works or check with your employer if salary sacrifice is available.
The low income super taxation offset (LISTO)
If you earn $37,000 or less a year and either your employer or you put some before-tax money into your super that year, then you may get an automatic payment into your super of up to $500 per year from the Australian Taxation Office (ATO). Find out more about the low income super contribution.
If your spouse earns up to $37,000 per year and you make after-tax contributions to their super, you could receive a tax offset of up to $540. If they earn more than $37,000 and less than $40,000, you could receive a partial tax offset. Find out more about tax offsets on spouse contributions.
Split your super contribution
You can split up to 85% of your before-tax super contribution with your spouse. This can help their super grow and possibly reduce the tax you’ll pay as well if you make salary sacrifice contributions. The types of contributions you can split include your SG and salary sacrifice. Find out more about splitting your super contributions.
*30% if you earn over $250,000 pa, inclusive of super.
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It’s important to consider your particular circumstances and read the relevant product disclosure statement before deciding what’s right for you. This information hasn’t taken your circumstances into account.
This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.