Requirements and limits

There will be different deposit and contribution requirements for your clients depending on the type of account they have and type of contribution they wish to make. Please refer to the relevant IDPS Guide or Super/Pension PDS for more information. You can find these on Adviser Tools.  

It’s important to be mindful of contribution limits when making contributions, as clients may incur significant tax penalties if they exceed the limits. For further information, please refer to the Australian Taxation Office website.

EOFY contributions and deposits

Your clients can add funds to their accounts via a number of methods in the lead up to 30 June.

Deadline to claim a tax deduction on contributions

For personal contributions made, the deadline for submitting deduction notices (for clients who haven’t yet lodged their tax returns) is approximately 7 days prior to 30 June the following financial year. Valid deduction notices received after this cut-off time may only be processed and acknowledged in the new financial year. Please note the ATO may not allow the deduction notice received after the cut-off time.

Changes to work test requirements

From 1 July 2022 clients between 67 and 75 (up to the 28th day after the month they turn 75) will no longer need to submit a work test declaration to make or receive contributions (such as non-concessional and salary sacrifice contributions) to their superannuation account. 

However, those aged 67 to 75 (up to the 28th day after the month they turn 75) when they make a personal contribution will need to meet the work test if they want to claim a personal tax superannuation deduction for their contribution. 

The work test for individuals making personal deductible contributions will be administered by the ATO when they lodge their income tax return.

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