Boosting your super balance
As we approach the end of another financial year, there are some things to consider if you’re planning to make extra contributions.
If you’d like to contribute for the 2024-25 financial year, you will need to make your contribution after 1 July 2024.
You may be able to claim a tax deduction for any after-tax super contributions made into your account.
Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution (also known as concessional contributions). This means they’re taxed at 15% and count towards your concessional contributions cap. The concessional contributions cap for 2023-24 financial year is $27,500.
You should submit your Notice of intent to claim a tax deduction:
The fastest way to claim a tax deduction on your after-tax contributions is to complete the Notice of intent in your online account.
To claim, you’ll need to:
Log in to complete your notice of intent
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As we approach the end of another financial year, there are some things to consider if you’re planning to make extra contributions.
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Our super advisers can help work out a contribution strategy that's right for you.