Contributing to Superannuation

Deductible Contributions

Individuals who earn less than $37,000 (adjusted taxable income which includes taxable income, net investment losses, reportable fringe benefits and voluntary employer super contributions or personal deductible contributions) will have the first $500 of contributions tax refunded back into their super account via the Low Income Superannuation Tax Offset.

This will effectively make superannuation guarantee contributions (and possibly some salary sacrifice or personal deductible contributions) tax free in the fund.

We will explain further the eligibility to make a super contribution and ability to claim a tax deduction later in the module.