Things you should know
There are limits or ‘caps’ as to the amount of after-tax contributions you can make each financial year. The annual cap for after-tax contributions is $110,000 for 2021-22 However, if your total super balance is over $1.7 million on 30 June 2021, you won’t be able to make any after-tax contributions1. Visit rest.com.au/tools-advice/resources/factsheets or visit the Australian Taxation Office’s (ATO) website for more information on caps.
If you’re under age 67 and your total super balance on 30 June 2021 is less than $1.7 million, you may be able to bring forward up to three years' worth of contributions. The amount you can bring forward will depend on your total super balance and when you triggered the bring-forward rule. For more information on the bring-forward rule, see our Super facts & figures.
Exceeding the caps
Contributions that exceed these limits attract additional tax, you can find out more info on the ATO's website.
Want some tax back?
You may be able to claim a tax deduction for your after-tax contributions that you’ve made during the year.
To claim a tax deduction, you need to submit a 'Notice of intent to claim or vary a deduction for personal super contributions' to Rest.
This needs to happen (depending what occurs first):
- Before you lodge your tax return for that year
- The end of the following year which the contributions were made
The after-tax contributions that you claim as a deduction will count towards your concessional contribution cap and they will be subject to contributions tax. You can find details about eligibility on the form, or for more information, see the ATO's website