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Personal deductible contributions – a present at tax time

These are contributions you make directly into your super which you can then claim as a tax deduction on your tax return. Personal contributions can be made any time in the financial year. This is an alternative to salary sacrifice for some, especially if you're self-employed.

You can make these contributions as a one-off, lump sum to your super account, or make regular payments from your bank account or employer. You can make these contributions via BPAY, direct debit, cheque or money order.

 

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How can you claim these as a deduction?

After you've made an after-tax contribution into your VicSuper account, you have until before you lodge you tax return and the end of the following financial year to claim your tax deduction. You have to let us know you intend to claim a deduction in your tax return by completing the Notice of intent to claim or vary a deduction for personal super contributions form before lodging your tax return.

You'll then get a letter back from us which you'll need to use to claim your deduction in your tax return. 

How are they taxed? If you notify us of your intent to claim a tax deduction, they are treated as a before-tax contribution, so a 15% contribution tax applies.

 

 

  • Know your limits

    Know your limits

    Before you start making additional contributions, it's vital to review all of the super contributions you make to ensure you stay within the caps and aren't charged additional interest and tax.

    How much is the cap?

    These contributions fall under the before-tax (concessional) contributions cap. But only if you claim them in your tax return. If you don’t, they fall under the after-tax (non-concessional) contributions cap. In the 2020/21 financial year, you can add up to $25,000 in before-tax contributions to your super account – all at the low tax rate of 15%. If your adjusted income exceeds $250,000 per year, your contributions are generally taxed at an effective rate of 30%. 

    You can find out more about contribution caps in our Member Guide.

    View guide

     

  • Make a contribution

    Make a contribution

    There are lots of ways to make a personal deductible contribution to your account. However, we need to know you intend to claim a deduction for these contributions therefore you must complete a Notice of intent to claim or vary a deduction for personal super contribution form.

    Remember
    - you have until before you lodge your tax return or the end of the following financial year, whichever happens earlier to claim your tax deduction.

    Contributions must be received into your super account by 30 June 2021 to be eligible for the current financial year. Please allow sufficient time for your financial institution to process your payments by then.

     

    Payment options


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