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Self-service super contributions

Easier to claim a tax deduction on personal super contributions than ever before

The 1 July 2017 super reforms have opened up a fantastic new opportunity to build wealth in super and reduce your tax bill at the same time.

Before 1 July 2017, the only way most people could take advantage of the concessional (before-tax) contributions tax benefits was by salary sacrificing through their employer. Some people, such as the self-employed, could make voluntary personal contributions to super and claim a tax deduction but, most people were simply ineligible.

Now, anyone(1), not just the self-employed, can make voluntary personal contributions to super and claim a tax deduction.

This gives you more flexibility if your employer isn’t in a position to arrange salary sacrifice for you – such as a small business owner who doesn’t have the time to provide this service to their employees.

As an employee, you rarely have control on the timing of the salary sacrifice contributions made by your employer. This gives you that control so, for instance, you can time your final contributions leading up to 30 June each year and make the most of your contribution limits and the resulting tax benefits.

Remember, concessional contributions are contributions you can make to super either with your before-tax salary or by claiming a tax deduction on after-tax contributions. Either way, for most people, concessional contributions are taxed at just 15 per cent – not your marginal tax rate which could be as high as 47 per cent.

Getting started

To claim a tax deduction on your super contributions make sure you:

  • Check the age restrictions to make sure you’re eligible. There is a work test if you are age 65 to 75.
  • Lodge a ‘notice of intent to claim a deduction’ to your super fund within the timeframes.

This change represents an opportunity for everyone, including those who are currently salary sacrificing, to gain greater control of their personal super contributions. Call Omnis Financial Planning on 08 9380 3555 to find out more.

(1) Fund and age restrictions apply.

Disclaimer: This article is for information purpose only and does not constitute advice and does not take into account any of your objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement. NEO Financial Solutions: AFSL 385845 ABN 64 141 607 098
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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

We go beyond numbers and are driven by insight, guidance, and a personalised approach tailored to your unique needs.

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel