Personal contributions
What is a personal contribution?
A personal contribution is a contribution that you make to your super fund from your after-tax wages.
How do I make a personal contribution?
- 1Login to your Cruelty Free Super account
- 2Select “Make a contribution” from the menu
- 3Choose which type of contribution you’re making. Follow the steps to see the correct BPAY details to use for the type of contribution.
We’ll send you an email when your personal contribution has been received.
It’s important to make sure you have added your Tax File Number (TFN) to your Cruelty Free Super account if you want to make a personal contribution. You will not be able to make a personal contribution if we don’t have your TFN. You can apply for a TFN here.
Can I make recurring personal contributions?
Yes! You can choose to make a once-off or recurring personal contributions. This is really easy to set and forget in your online banking.
Just remember that there are different BPAY details for different contribution types – check the one you have set up is the right one for your contribution type.
Types of personal contributions
There are two types of personal contributions
- Non-concessional contributions
- Concessional contributions
What's a non-concessional contribution?
Non-concessional contributions are made by you after-tax, i.e. money transferred from your bank account into your super account.
The non-concessional caps are:
- $110,000 per financial year if the contribution was made between 1 July 2021 to 30 June 2024
- $120,000 per financial year, from 1 July 2024
Non-concessional caps can vary depending on your circumstances. You could be eligible to use the “bring-forward” rule which allows you to bring forward future entitlements. There’s more information on the bring-forward eligibilities on the ATO’s website.
You may be able to claim a tax deduction for your non-concessional contributions, if eligible you will need to complete a Notice of Intent. This will appear on the “Make a contribution” page after the financial yhear ends when you login, if you have made a personal contribution in the previous financial year.
What’s a concessional contribution?
A concessional contribution is added into your account via a
- super guarantee payment (SG) – payments from your employer,
- salary sacrifice contributions, and
- after-tax contributions where you’ve already claimed a tax deduction.
The concessional contribution caps are:
- $27,500 per financial year between 1 July 2021 to 30 June 2024
- $30,000 per financial year, from 1 July 2024
For example, in the financial year 24/25, your employer contributes $5,000 to your super account. You can contribute another $25,000 as a concessional contribution.
Depending on your eligibility, you could also use the “carry-forward” rule. This allows you to use your unused concessional contributions cap from previous years. Read more about the conditions on the ATO’s website.
Claiming a tax deduction on personal contributions
How do I claim a tax deduction for my personal contributions?
There are two parts:
- 1Notifying us as your fund
- 2Including the deduction in your tax return
We’ve made it easy for Cruelty Free Super members to notify us:
- 1Follow the steps to make a personal contribution. Once this has been received, it will unlock the ability to submit a “Notice of Intent” from your account online. This will appear after 1 July for the financial year that has just passed.
- 2Use this online form to let us know how much you would like to claim as a tax deduction.
Then, to complete your tax return:
- 1Check your inbox – we will send you the details that you need to include in your tax return.
- 2Include the deduction in your tax return under “Personal Super Contributions”.
You will need to submit your “Notice of Intent” by;
- a.The day you lodge your tax return for the year.
- b.The end of the financial year after you made the personal contribution – for example, if you contributed between 1 July 2024 to 30 June 25, you will need to submit the notice by 30 June 26.
What happens if I claim a tax deduction for my personal contributions?
- When you lodge your tax return, your deduction will reduce your taxable income and therefore the amount of tax you are required to pay.
- Your personal contributions will be taxed at 15% (as they are now concessional contributions), and this tax will be withheld from your super account.
- You won’t be eligible for the Government co-contribution.
Can I change the amount I wish to claim as a tax deduction?
Yes. You can do this all easily online when you login to your account.
Under “Make a contribution”, you will be able to
- add another Notice of Intent to increase the amount claimed, or
- decrease the amount you claimed on your last notice
You can apply to reduce your claim amount if
- you haven’t lodged a tax return yet and it is on or before 30 June in the financial year after you made the contribution, or
- the ATO has disallowed your claim for a deduction and you are applying to reduce the amount claimed (generally you would submit the decrease for the amount that the ATO has disallowed).
If the ATO has disallowed your claim for a tax deduction, you must provide us with a copy of your notice from the Tax Office. You can email this to us at hello@crueltyfreesuper.com.au
How do personal contributions affect government schemes?
Super Co-contribution
The co-contribution is applied to non-concessional personal contributions. These are the contributions made by you after-tax. You will need to meet the eligibility requirements here, and complete a tax return at the end of the financial year.
First Home Super Saver Scheme
Both concessional and non-concessional contributions count towards the First Home Super Saver Scheme. For eligibility requirements, check out the ATO website.
