Personal contributions

We know we sound like a broken record but it’s true, the more you put into your super the better off you are likely to be in retirement. If you’ve been burying your extra money in the backyard or you’ve just received your tax return or even inherited money from your Gran – put it into your super. You’ll thank yourself later for it.

What are personal contributions?

Personal contributions are when you put some of your after-tax money into your super account. You might also hear some people refer to these as a non-concessional contributions. Because you have already paid tax on this money, you won't be taxed when we receive it or when you withdraw it. That means more for your retirement. Make sure we have your tax file number (TFN). If we don’t, we’ll have to return your personal contributions to you.

Why would you make a personal contribution?

That’s easy, the more you contribute to your super now, the better off you will be in retirement.

Claiming tax deductions for personal contributions

You may be able to claim a tax deduction for personal contributions you make to Tasplan if, during the financial year:

What are the effects of claiming a tax deduction for personal contributions?

Taxable income

When you complete your tax return, your deduction will reduce your taxable income and reduce the amount of tax you need to pay.

Tax in the fund

The personal contributions you claim as a tax deduction will be taxed at 15%.

Government super payments

If you claim a tax deduction, you may be eligible for a low income superannuation tax offset (LISTO) on the tax paid on the personal contribution, but you won’t be eligible for a government co-contribution on that amount.

Making personal contributions to claim a tax deduction can be a good idea, depending on your circumstances. Conditions apply. For more information see our Claiming tax deductions for contributions fact sheet.

Setting up a personal contribution

There are three easy ways for you to set up a personal contribution:

  1. BPAY® – grab your personal BPAY details by logging in to Tasplan Online and going to 'Make contributions', or call us on 1800 005 166. Remember – this is your personal number and shouldn't be given to your employer
  2. Cheque – make sure it is made payable to Tasplan Super and complete a Make a super contribution form
  3. Payroll deduction – speak to your employer about making regular payments out of your pay.

® Registered to BPAY Pty Ltd ABN 69 079 137 518.

Return your completed forms to Tasplan Super, GPO Box 1547, Hobart TAS 7001. Don’t forget that we need your TFN to accept your personal contributions.

Watch out for caps

There are limits on the amount you can put into super each year through personal contributions without penalty. Personal after-tax contributions are classed as 'non-concessional contributions' and also include spouse contributions and any excess before-tax (concessional) contributions.

After-tax (non-concessional) contributions are limited to $100,000 for the 2018-19 financial year. Under certain conditions, you may be able to contribute three times the non-concessional cap at one time.

For any amounts over these caps, you’ll pay extra tax.

Find out more about contribution caps.