End of financial year processing for 2019

How can you make a contribution to your Living Super account?

Cheque (Payable to ING Superannuation Fund and posted to PO Box 4307 Sydney NSW 2001)

BPAY®* (Simply login to your account online to access your unique BPAY details)

It's important to note that if you'd like to make a contribution before the end of the 2019 financial year, it will take time to process your cheque or BPAY.

So, please make sure we receive your:

Cheque - We'll need to get it by 10:30am on 28 June 2019.

BPAY - We'll need to receive this by 30 June. To ensure your money arrives in time please complete the transaction with your financial institution before their cut off on 27 June 2019.

Contributions received after these dates will not be credited to your account in the 2018/2019 financial year.

'*' BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518 of Level 6, 1 York Street, Sydney NSW 2000, telephone (02) 8252 0500.

Are you making the most of your super in 2019?

Are you making the most of your super opportunities this financial year? The 2018/2019 financial year is almost over but it's not too late to take advantage of some of the benefits available. If you are going to contribute, it is important to be aware of the contribution caps. To learn more about contributions and contribution caps please see our fact sheet All About Contributions or the Living Super Product Guide.

Government co-contribution

If you are eligible, the Government may contribute up to $0.50 for each dollar of personal after-tax contributions you make, up to a maximum amount of $500 per annum.* To be eligible for the Government co-contribution you must satisfy all of the following requirements:

you must earn 10% or more of your total income from carrying on a business, eligible employment, or both;

your total income (conditions apply) must be under the co-contributions upper threshold ($52,697 in the 2018/2019 financial year);

you must not be a temporary resident at any time during the income year in which the contribution is made (certain exceptions may apply);

you must be under 71 years of age at the end of that income year; and

you must lodge a tax return

If you make a personal after-tax contribution and your total income (conditions apply) is under the co-contributions lower threshold ($37,697 in 2018/2019 financial year), the Government may contribute $0.50 for each dollar you contribute up to $500 p.a. The maximum co-contribution payable reduces for every dollar your total income exceeds $37,697 (2018/2019 financial year), until your total income reaches $52,697 (2018/2019 financial year). Full information regarding eligibility for the Government co-contribution can be found at ato.gov.au.

Low-income super tax offset

If you earn less than $37,000 a year (conditions apply), and your employer makes concessional (before-tax) superannuation contributions on your behalf, then you may be eligible for a refund of the contributions tax deducted from your super account, paid directly to your super account by the Government capped at $500.00. The Government calls this refund of contribution tax the Low-Income Super Tax Offset (LISTO).

Spouse contribution tax offset

If you earn less than $13,800 a year (conditions apply) and your spouse makes an after-tax contribution to your account, your spouse may be eligible for a tax offset of up to $540. Your spouse may make contributions to your super, as long as the contribution is paid from an account in the name of your spouse or a joint account where your spouse is an account holder.

Examples of your spouse include:

your husband or wife by marriage; or

a person with whom you are in a relationship that is registered under certain state or territory laws; or

another person who, although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple

Claiming tax deductions for personal contributions

There are a number of conditions that you must meet in order to be eligible to claim a tax deduction for your personal contributions to super. You can claim a tax deduction if:

you made a personal contribution into your ING Living Super account;

you have not requested a full rollover out of the ING Living Super account you made the contribution into;

you have not previously claimed a personal tax deduction on the contribution you are currently claiming on;

you have not commenced a TTR or pension income stream using funds from the ING Living Super account you made the contribution into;

you have not requested to split the contribution for which you intend to claim a deduction on with your spouse;

the contributions have not been released from the fund you’ve given notice to under the First Home Super Saver (FHSS); and

if you have requested a partial withdrawal or rollover out from the ING Living Super account you made the contribution into, you can only claim a personal tax deduction on the pro-rated original contribution amount based on the size of the withdrawal.

In addition, you must give a notice to ING Living Super within certain time frames. Furthermore, age based restrictions apply if you are under 18 years old or are 75 years old or more.

If you are eligible and intend to claim a deduction for some or all of your personal contributions to ING Living Super, you are required to notify us by completing a Notice of Intent to claim or vary a deduction for personal super contributions (Notice of Intent). Before you can claim a deduction in your tax return we need to accept your Notice of Intent, and you need to receive an acknowledgement of your notice from us. The applicable contributions tax will be deducted from your account once your notice is accepted.

We suggest that you obtain professional tax advice if you are considering claiming a deduction for your personal contributions. Please see the Living Super Product Guide for more information.