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 2017 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 30 June.
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 29 June.
Contributions received after these dates will not be credited to your account in the 2016/2017 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 2017?
Are you making the most of your super opportunities this financial year? The 2016/2017 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.
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 ($51,021 in 2016/17);
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 ($36,021 in 2016/17), 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 $36,021 (2016/17), until your total income reaches $51,021 (2016/17). Full information regarding eligibility for the Government co-contribution can be found at ato.gov.au.
Low income super contribution
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. The Government calls this refund of contribution tax the Low Income Super Contribution (LISC). The LISC will not be payable in respect of concessional contributions made on or after 1 July 2017.
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 earned less than 10% of your total assessable income, reportable fringe benefits and reportable employer super contributions as an employee, and
you are self-employed - that is, a sole trader or a partner in a partnership, and
you still have an account in ING Living Super and your contributions are still in your account
In addition, you must give a notice to ING Living Super within certain time frames. Further 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.