A couple, George and Jane, sell their home for $800,000. The limits are called 'contribution caps': Personal contributions you are allowed as an income tax deduction count toward your concessional contributions cap. If you are eligible to. For example, people earning between $45,001 and $120,000 pay a marginal tax rate of 32. Payments from super. Salary sacrifice (pre-tax) contributions; Contributions to super that you then claim a tax deduction for via your income tax return. Say from 2018-19 to 2021-22, your concessional contributions amounted to $15,000. For employees who commenced from 1 November 2021, you can only make contributions to your default fund if the ATO advises there is no stapled super fund. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. Once you lodge your tax return for the 2023-24 financial year, the ATO will pay any eligible co-contributions into your First Super account automatically. How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. Only self-managed superannuation funds (SMSFs) can use the Self-managed superannuation fund annual return 2021. You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. you may miss out on a super co-contribution, if eligible. The ATO website is getting a refresh soon. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. This information should be included on your payslips. Instructions; More informationIf you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. au The total income used by the calculator to estimate the applicable Division 293 tax is equal to your annual salary before tax and before any salary sacrifice. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. For your self-managed super fund (SMSF) to receive concessional tax treatment, you must elect to be a regulated super fund and comply with the provisions and regulations of the: Superannuation Industry (Supervision) Regulations 1994 (SISR). Module 2: Working out if you must pay super. This includes: $27. Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. Julie lodges an income tax return which includes tax deductions of $1,000, resulting in an adjusted taxable income of $31,000 ($32,000−$1,000). 1. If your employee's details are incorrect, their super fund may:. If you have more than one super fund, all your. Adjustments. This means that the maximum super guarantee amount an employer is required to contribute is the equivalent of 11% of $62,270 per quarter (equivalent to $249,080 for the. External Link. 5% in 2022–23). gov. Instead of paying $4125 tax on a $27,500 super contribution, reducing the contribution to $23,375, a potentially extra $4125 in tax will reduce this to $19,250. Downsize your home and put money into super If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. Your SMSF must lodge an. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. Choose the right investment options for you. Module 6: Correcting late super payments. Effective salary sacrifice arrangement. Personal contributions – deductions. It still applies if you want to claim a personal super contribution deduction. salary and wages to work out the super guarantee charge. If they wanted to add more to Jenny’s super, they could split the contributions by adding $300,000 to Jenny’s super and $100,000 to Tom’s super. How it works. an eligible Downsizer contribution. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. the higher income threshold was set at $15,000 above the lower income threshold. See also. Source: ato. the taxable value of the car fringe benefit will be $7,000 (which is the cost of the car multiplied by the statutory rate, in this case $35,000 × 0. This effectively reduces your taxable income, meaning you pay less tax on your income. The tax offset is calculated as 18% of the lesser of: $3,000, reduced by $1 for every $1 that the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions for the year was more than $37,000. Super contributions optimiser. To claim a deduction for your personal super contributions, you must give your super fund a notice in the approved form and get an acknowledgement from the fund. The tax paid on your super contributions generally depends on whether: the contributions are out of your before-tax or post-tax income. If your total income is equal to or less than $43,445 in the 2023/24 financial year and you make after-tax contributions of $1,000 to your super fund, you’ll receive the maximum co-contribution of $500. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. 6 million on 30 June of the year before. 2 million to the Australian Taxation Office (ATO) in 2023–24. If possible, try to resolve your complaint by discussing it with your employer before reporting them. Paying your employees the right amount of super. contribution rules they can add up to $300,000 each to their super accounts. As at 1 July 2021, your annual non-concessional cap is $110,000. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. 1. SuperStream. The 4 small business CGT concessions include the: small business 15-year exemption. Returning contributions. you're a high-income earner. au. With SuperStream money and data are sent electronically in a standard format. Contributing more than the caps to your super may mean having to pay extra tax. You need to calculate super contributions at 11% for your eligible workers for payments of salary and wages you make from this date. $4,145 if employee contributions of $7,000 are made. Adjustments. SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. Super contributions to defined benefit and constitutionally protected funds. Complete the Application – excess contributions determination (NAT 71333) if: you believe your super contributions have, or will, exceed a contributions cap due to special circumstances, and. You must have provided your super fund with your tax. Some unfunded defined benefit funds require you to contribute a percentage of your salary to your super. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Estimating your super. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. Offer employees a choice of super fund and keep records that show you've done this. Last modified: 26 Apr 2023 QC 72189. If you have more than one super fund, all. There is no limit to how much super employees can contribute each year. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. To manage super in your ATO online account follow these steps: Australian Taxation Office You can check your super balances, find lost super, compare super. Reportable employer super contributions (RESC). 20 =$7,000) and. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. 28 January. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. If you have a tax file number (TFN) you can make personal super contributions into a super fund of your choice and you may: be able to claim a tax deduction for your super contributions; be eligible for the low-income super tax offset; be eligible for the super co-contribution on contributions you don't claim a deduction for The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. General concessional contributions cap. If you have more than one super fund, all your. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Amount. gov. It is a legal requirement for rollovers to be processed electronically, using 2 components: a data message. contributions you make to a foreign super fund for super benefits for an employee where the employee is a temporary resident when the contribution is made payments you make to a retirement savings account held by an employee. If you have exceeded your concessional contributions caps. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. After-tax contributions are known as ‘non-concessional contributions’ because you don’t receive a tax deduction. A: As someone with close to $2 million in super, the maximum annual amount of concessional contributions you and an employer can make on your behalf without any penalties applying is $27,500. made a subsequent SG payment to an alternate super fund, and. the time they lodge their personal income tax return for the financial year during which the contribution was made. 1 January – 31 March. They will be able to advise you if they. The 12% employer super contributions are not reportable because the employees have no influence over the contribution rate. Too easy! eligibility for the super co-contribution. AustralianSuper Your super obligations; ATO - Maximum super contribution base; QuickSuper is a financial service provided by Westpac. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. Provide employees' TFNs to their funds. To effectively administer the super system, it's important that tax file numbers (TFNs) are provided when contributions are made to a super fund or RSA. au Additional tax and super considerations There are other circumstances that can affect how much you can contribute and the amount of tax you pay on your super, including spouse contributions offsets and downsizer contribution measures. go over the concessional contributions cap. At the Income tests heading: Enter at Tax-free government pensions or benefits the total amount of tax-free pensions and benefits you received during 2021–22. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. With SuperStream, money and data are sent electronically in a standard format. Reportable superannuation contributions are contributions made into superannuation over and above mandated super contributions. super fund details before making a super contribution. From the 2017–18 financial year, the. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. Insurance premiums are contributions. An employer does not have to pay super guarantee for the part of earnings above this limit. select Australian Taxation Office. You can look these up through: You can also use the online service, EmployerTICK, to validate employee details. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. There are rules for accepting contributions that all trustees need to know. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. Defined benefits and constitutionally protected funds. Super paid after a person's death is called a 'super death benefit'. You did not exceed your non-concessional contribution cap. Instructions; More information If you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. But there’s a catch – your total superannuation balance must have been less than $500,000 at June 30, 2022. If you have paid super guarantee late, you are: required to lodge an SGC statement; liable to pay the super guarantee charge (SGC). 7 million cap. 6 million. retirement phase are tax-free – subject to a lifetime limit on the amount you can transfer into retirement phase (your transfer balance cap) on withdrawal, as explained in this page. You may be able to claim a tax offset of up to $540 per year if you make a super contribution on behalf of your spouse (married or de facto) if their income is below $40,000. Step 3. Our tax return instructions show you can amend your return to claim the. (provided the ATO is a linked service), as well as your. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. Payments from super. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. Your employer must pay SG contributions into your super account at least every three months. You should complete this form if you make a personal super contribution using the capital proceeds of the sale of certain small business assets, and you elect to exclude them from your non-concessional contributions cap. the taxable value of the car fringe benefit will be $7,000 (which is the cost of the car multiplied by the statutory rate, in this case $35,000 × 0. If the employee provides the TFN to you less than 14 days before the next contribution, you must pass on the TFN within 14 days. Check your super has been paid. it will be harder to keep track of your super. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. However, there are certain circumstances where you can contribute more than $27,500 in one year. You need to be less than 71 years old by the end of the financial year and meet certain lower and higher income thresholds, which vary depending on the. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. lodged an SGC statement. An eligible, active super account is one that: is held by a living person. This is now reviewed annually to remain in line with average weekly ordinary time earnings (AWOTE). your total income for 2021–22 was less than $56,112. your fund can't accept personal contributions. Division 293 tax. com. a1. Super contributions should either be made to: the employee’s chosen fund; you should make a stapled super fund request and make contributions to the fund that we advise. Being paid the right amount of super and making extra contributions. You can now: view your super fund accounts and balances, and amounts held by us; find lost and ATO-held super and. the higher income threshold was set at $15,000 above the lower income threshold. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. These contributions are taxed at 15%. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). There are other eligibility. 6 million on 30 June of the year. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. Module 7: Reducing the risk. Super paid after a person's death is called a 'super death benefit'. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. This change will help address the $5 billion a year scourge of unpaid super by making it easier for workers to keep track of payments and for the Australian Taxation Office (ATO) to monitor compliance. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. 2 million for consultation and co-design. small business retirement exemption. Contributions caps. If an employee doesn’t provide you with the correct details, or the fund can’t accept your contributions, you will need to request their stapled super fund details from the ATO. If your total income is between $43,445 and $58,445 in the 2023/24 financial year, your maximum entitlement will reduce progressively as your. Module 4: Calculating super guarantee. $17,353 if no employee contributions are made. The amount is generally a non-concessional contribution if you're an individual contributing a retirement exemption amount to a super fund or RSA. If you do not pay minimum SG contributions for quarter 1 by this date, you must pay the super guarantee. nominal interest of 10% per annum (accrues from the start of the relevant quarter) an administration fee of $20 per employee, per quarter. SuperStream is the way all employers must pay employee superannuation guarantee contributions to super funds. This lets us know the amount you’d like to claim. But these contributions are still taxed within your super fund, but at a rate of 15%, which is lower than most people’s marginal tax rate, the ATO says. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. An eligible, active super account is one that: is held by a living person. 2. the matching rate was set at 50%. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility. For personal super contributions made on or after 1 July 2017, there is no income test. Learn more about the low-rate cap. you did not exceed your non-concessional contribution cap. See further details of official superannuation rates (including superannuation guarantee rates, thresholds and caps) from The Australian Taxation Office (ATO). 6 million on 30 June of the year before. This is now reviewed annually to. Make sure your super fund has your tax file number (TFN). Hi @Ellen, To use your unused cap amounts you need to meet two conditions, your total super balance at the end of 30 June of the previous financial year is less than $500,000 and you made concessional contributions in the financial year that exceeded your general concessional contributions cap. How super is taxed. Module 5: Paying super contributions. Please note, your total super balance includes super held outside of AustralianSuper. For more information, see: Non-concessional contributions cap. Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). 31 March 2024. To report unpaid super contributions by your employer, you will need to provide your personal details (including your Tax File Number), the period you are checking and your employer’s details,. You must have a nominated (default) super fund and pay your employees super into this fund if: your employees do not choose a fund, or are not eligible to choose one, and. you're a high-income earner. The FHSS scheme allows you to save money for your first home in your super fund. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. Information you need before using the tool. Super co-contributions work by the ATO adding up to $500 to your super fund if you have made any non-concessional contributions, again, subject to you meeting certain eligibility criteria. au or call us on 1300 360 149. Paying super contributions. Australian Taxation Office. Division 293 tax may reduce the tax concession on super contributions for individuals. These myTax 2021 instructions will help you if you made an eligible personal super contribution (not including amounts which you are claiming as a deduction). Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. The calculator doesn't calculate nominal interest. Case studies. Julie lodges an income tax return which includes tax deductions of $1,000, resulting in an adjusted taxable income of $31,000 ($32,000−$1,000). on the investment earnings in the fund, which in the. You can use the ATO super co-contribution calculator to find out how much you may be eligible forIf you have paid super guarantee late, you are: required to lodge an SGC statement; liable to pay the super guarantee charge (SGC). Find out what amounts you need to include in which worksheets. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. from the 2014–15 to the 2016–17 financial year if you were 49 years or over on the last day of the previous financial year. If the ATO advises the employee does not have a stapled super fund, you can make the payment to yourYou can contribute to your super if you are over 65, but there are different rules that apply if you are 67 or older. au or call us on 1300 360 149. Australia's superannuation system is the main way most people save for their retirement. Employer contributions. Hybrid funds can provide:for personal super contributions visit the Australian Taxation Office (ATO) website at ato. Module 6: Correcting late super payments. If your income and super contributions combined are more than $250,000, you pay Division 293 tax, an extra 15%. You don’t need to offer a choice of super fund to some employees, but you may still need to request. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. This form is for superannuation funds and their members to make a capital gains tax (CGT) cap election (NAT 71161). To claim a deduction, you must first give your super fund or RSA provider a valid notice of intent and receive an acknowledgment form from your. 5% rate for payments of salary and wages made prior to 1 July. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you. we advise you that your employees do not have a stapled super fund. You may have to pay more tax if you exceeded the non-concessional contributions cap. If you're over 65, you can make a one-off post-tax contribution of up to $300,000 into your super using the money received from selling your home. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. Your employer is required to make SG contributions into your super account of $3,780 ($36,000 x 10. See super co-contribution on the ATO website. super fund details before making a super contribution. Module 4: Calculating super guarantee. Set up your systems to pay super contributions electronically to the right fund. 28 July. If a $40,000 annual pension is then paid from the super, 60 per cent (or $24,000) will be taxable and added to any other income and taxed at the spouse’s personal tax rate. ato Go to. Division 293 tax is an additional tax on super contributions, reducing the tax concession for individuals whose combined income and concessional contributions for Division 293 purposes is more than $250,000. au/super TAX 1 Plus Medicare levy. You must have a nominated (default) super fund and pay your employees super into this fund if: your employees do not choose a fund, or are not eligible to choose one, and. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. Choose the right investment options for you. If you are eligible to make non-concessional contributions and you contribute more than the annual general cap ($110,000 in 2023–24), you automatically gain access to your future. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. From 1 July 2020 to 30 June 2022, if you were aged 67 to 74 and your TSB was below $300,000 at the end of the previous year, you can make voluntary super contributions for 12 months from the end of the financial year in which you last met the work test. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. You will be asked questions about the nature of the work arrangement. To effectively administer the super system, it's important that tax file numbers (TFNs) are provided when contributions are made to a super fund or RSA. Although RESC are not included in your employee’s assessable income. How To Claim The Superannuation Co-contribution. The ATO calculates if you are eligible for a co-contribution payment and pays the amount directly into your super account. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. (salary sacrifice, 'contribute and claim' and employer contributions) $27,500. Summary. 7 million on 30 June of the financial year before the one in which you want to make your contribution. From the 2017–18 financial year, the. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you. Select Save and continue when you have completed the Income tests section. You must report extra super contributions you make for your employees to the ATO. The clearing house is accessed via the ATO's Online services for business, Online services for agents or ATO online services in myGov. gov. From 1 November 2021, you may need to request ‘stapled super fund’ details from the Australian Taxation Office (ATO) where an employee doesn’t choose a super fund; pay super contributions for eligible employees four times a year, by the quarterly due dates, or more frequently if. accumulation phase are taxed at 15%. Use ATO online services to keep track of your super, including accounts you may have forgotten or lost touch with. Payments from super. Once the contribution is made, you will have the option of claiming it as a tax deduction. Opinion. the amount of $5,000 being less than 85% of the $10,000 contributed by his employer, and. Paying super contributions. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. 4. or more you pay 30% tax. You did not exceed your non-concessional contribution cap. If a member is eligible, they can claim an income tax deduction for super contributions they make for their own benefit. 7 million. Some super funds require employers to contribute monthly. small business 50% active asset reduction. A downsizer contribution is a non-concessional contribution, but it doesn’t count towards the contribution cap. Work out the best way to grow your nest egg. The super fund pays the $47,000 to the ATO in compliance. The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. Super co-contribution If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also contributes to your super (called super co-contribution) up to a maximum amount of $500. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. For more information, see the Guide for employees and self-employed –. The 2021–22 concessional contributions cap is $27,500 unless you carry-forward unused concessional contributions amounts from previous financial years. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). Note: A nomination to offset late payments is binding and cannot be changed. Unused cap amounts can be carried forward for up to five years before they expire. An LPO can only be used for contributions paid before you receive an SGC assessment. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. Schedule 3 in the SuperStream legislation, standards and schedules. Super provides income for your employees in their retirement. the most recent 30 June balances reported by your super funds. APRA regulated funds report contributions to the ATO when received and 30 June balances by 31 October, and the ATO will make the determination following receipt of this information. To report unpaid super contributions by your employer, you will need to provide your personal details (including your Tax File Number), the period you are checking and your employer’s details,. Source:. This is the maximum you can contribute in any one financial year. whether you're a dependent for tax purposes. Reportable superannuation contributions are contributions made into superannuation over and above mandated super contributions. Super guarantee. From 1 July 2022, two new SG changes applied. $4,145 if employee contributions of $7,000 are made. The concessional contributions cap was temporarily increased to $35,000: for the 2013–14 financial year if you were 59 years or over on 30 June 2013. Johnson Pty Ltd must record the extra contributions made for Adnan as reportable employer super contributions. Division 293 tax. Tax and restrictions on contributions. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. Last modified: 02 Aug 2023 QC 73085. See super. 5%. phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. $4,145 if employee contributions of $7,000 are made. At the end of the income year, ABC includes $8,700 on Pieter’s payment summary as reportable employer super contributions: The super guarantee amount of $5,700 is not included anywhere on the payment summary. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. Contributions caps. You may be able to elect to receive a late payment offset (LPO). Do not send the form to us. Division 293 tax may reduce the tax concession on super contributions for individuals. You were under 71 years old on 30 June 2022. The general concessional contribution cap is $27,500 per person. Payments from super. How to use the SGC statement and calculator tool. The sum of your spouse's assessable income (excluding any assessable First home super saver released amount or COVID-19 early release of superannuation payment), total reportable fringe benefits amounts and reportable. . Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. For individuals between 67 and 74 wishing to claim a tax deduction for their super contributions, the ATO will administer the work test when the tax return is lodged. 2. Division 293 tax may reduce the tax concession on super contributions for individuals. The default assumptions in this calculator are based on Treasury’s long-term retirement income models.