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Super boosting strategies for the end of financial year.

The end of the financial year is the ideal time to think about your super and to set up some strategies to help you achieve your ideal retirement. Here are some key things to know so you can get your super sorted for tax time.

Make your personal contributions by Thursday 24 June

Make your contributions by Thursday 24 June to ensure we receive them by the end of the financial year.

You can make a personal contribution via BPAY. Log in to Member Online or the Hostplus App to get your BPAY details. 

Log in to Member Online

You’ll find it under Voluntary Contributions in the Member section of the main menu.

 

ABN (Australian Business Number)  68 657 495 890
SFN (Superannuation Fund Number)  268 350 944
USI (Unique Superannuation Identifier)   HOS0100AU
SPIN (Superannuation Product Identification Number)  HOS0100AU
Fund name  Hostplus Superannuation Fund

Statements

Log in to your account or use the Hostplus app (super members only) to see your most recent statement.

Member Online

Pension Online

Statements ending 30 June 2021 will be available online and via post from September 2021.  If you’d like your statement posted to you, please update your communication preference online or contact us.

COVID-19 Early Release Superannuation

 If you accessed early release superannuation between 1 July 2020 and 24 September 2020, you don’t need to include it in your tax return.
 

Claim a tax deduction for voluntary after-tax contributions

If you intend to claim your voluntary after-tax contributions as a tax deduction, you need to notify your super fund on or before the day on which you lodge your return for that year, or the end of the next income year, whichever occurs first. Download the 'Notice of intent to claim or vary a deduction for personal super contributions' form from the ATO here.

You can also use this form to change an earlier notice.  

Return it to us at the earlier of: 

  • the day you lodge your income tax return for the financial year in which you contributed, or
  • the end of the financial year following the financial year in which you contributed.

Return your form to:
Hostplus
Locked Bag 5046
Parramatta NSW 2124.

Once you have received acknowledgment from Hostplus of your intention to claim a deduction, you can complete your tax return.

Eligibility

You can claim for a deduction for your personal super contributions if all of the following apply:

  • you are still a member of your super fund when you give your fund trustee a valid notice in the approved form, on time 
  • when you give your notice, your fund has not begun to pay an income stream (for example, a pension) based on part or all of the contributions for which you intend to claim a deduction 
  • you have received acknowledgment from your fund of your intention to claim a deduction 
  • your fund has accepted your contribution for which you want to claim a deduction 
  • the amount you intend to claim as a deduction is covered by one or more valid notices 
  • you have not applied to split the contribution for which you intend to claim a deduction 
  • you meet the other eligibility criteria to claim a deduction. This can be found by visiting ato.gov.au and searching for ‘Claiming deductions for personal super contributions’ 
  • you have not withdrawn an amount or rolled out to another fund all or part of the contribution for which you want to claim a deduction (except where there has been a successor fund transfer to another fund).*
  • aged under 65, or
  • aged 65 - 74 and meet the work-test criteria (in gainful employment for at least 40 hours over a period ofno more than 30 consecutive days).

If you are under 18 or over 75, additional restrictions may apply, visit ato.gov.au for moredetails.;

View the 'Contribution Caps' section below to see how much you’re able to claim

*A ‘successor fund transfer’ occurs when your super interest istransferred to another super fund (the successor fund) and thatfund confers rights on that interest equivalent to those you hadunder your original fund. Typically, this occurs when your fundis merged with another.

Spouse contribution tax offset

You may be able to claim a tax offset made on behalf of your spouse to their superannuation account of up to $540 on contributions to your partner’s super. If you’re eligible to claim, include your contributions on your tax return.

More on spouse contributions

Claiming deductions for working from home

You can use the ATO’s simplified method for calculating your working from home expenses for your 2020-21 tax return.

Visit the ATO website for details

Caps apply to your super contributions made to your super each financial year. If you contribute more than the cap, you may have to pay extra tax. 

Your cap depends on your account balance and the type of contribution.

 Contribution/cap type  2020-21 cap  2021-22 cap

Concessional

Contributions that are made into your super account for which a tax concession is granted. This includes Salary Sacrifice and Employer Super Guarantee Contributions and contributions for which you claim an income tax deduction.

Important: If you have more than one fund, concessional contributions made to all your funds during a financial year are added together and counted towards your concessional contributions cap.

$25,000

Your cap may be higher if you didn’t use your full amount in earlier years and your total super balance is less than $500,000 on 30 June of the previous financial year (2019-20).

$27,500

Your cap may be higher if you didn’t use your full amount in earlier years and your total super balance is less than $500,000 on 30 June of the previous financial year (2021-21).

Non-concessional
Contributions from your after-tax income. These  contributions are not taxed in your Hostplus Super Account.

Important: if you have more than one fund, all non-concessional contributions made to all of your funds are added together and counted towards the non-concessional contributions cap.

 $100,000

Your cap might be different. It can be:

  • higher, if you can use the bring-forward arrangements
  • nil, if your total super balance is greater than or equal to the general transfer balance cap ($1.6 million from 2021–22).

$110,000

Your cap might be different. It can be:

  • higher, if you can use the bring-forward arrangements
  • nil, if your total super balance is greater than or equal to the general transfer balance cap ($1.7 million from 2021–22).
 
General Balance Transfer Cap   $1.6million $1.7million

About concessional and non-concessional contributions.

Concessional contribution include:

  • Compulsory employer contributions

  • Any salary sacrifice amounts paid into your Hostplus Super account pre-tax (before pay).

  • any other amounts paid by your employer from your before-tax income to your Hostplus super account, such as administration fees and insurance premiums.

  • Any personal contributions for which you claim an income tax deduction

Non-concessional contribution include:

  • Contributions you or your employer makes on your behalf, from your after-tax income

  • Spouse contributions

  • Personal contributions which you have not claimed as an income tax deduction

  • Excess concessional (before-tax) contributions which you have not released from your super fund

  • Contributions exceeding your capital gains tax (CGT) cap amount

  • Retirement benefits you withdraw from your Hostplus Super account and later 're-contribute' where you have not claimed or been allowed as an income tax deduction. 

 

Bring forward rule for non-concessional contributions

If you make contributions above the annual non-concessional contributions cap you may be eligible to automatically gain access to future year caps. This is known as the bring-forward arrangement. It allows you to make extra non-concessional contributions without having to pay extra tax.

Eligibility for the bring-forward arrangement depends on your:

  • age
  • total super balance on 30 June of the previous financial year.

Visit the ATO website for more information about contribution limits and the bring forward rule.

Need Help? Contact us

Phone
Monday to Friday, 8am - 8pm AEST/AEDT

Write

  • General: Locked Bag 5046, Parramatta NSW 2124
  • Claims: Locked Bag 9, Carlton South VIC 3053

Speak to an expert today. 

At Hostplus, we offer a range of financial advice and planning options to ensure you get the right level to suit your changing needs: 

  • easy-to-use DIY digital advice^ through SuperAdviser,
  • over the phone, personalised superannuation advice on 1300 348 546, and
  • you can meet with an expert Financial Planner for specialist retirement planning.  

Book an appointment today