Yes, anyone under the age of 67 can claim a tax deduction on their after-tax contributions.

If you are aged 67-74, the Government applies a ‘Work test’ which means you need to be in gainful (paid) work for at least 40 hours in a period of no more than 30 consecutive days in the financial year you make your superannuation contributions and claim them as a tax deduction.

Contributions claimed as a tax deduction are then taxed at 15% and count towards the $30,000 annual concessional contributions cap.

TIP – if you plan on claiming a tax deduction, you’ll need to give us notice of your intention before you lodge your income tax return by completing the Notice of intent to claim a tax deduction form available from the Documents section of the website.