PERSONAL CONTRIBUTIONS

Another way for you to increase the value of your superannuation is to pay personal contributions into your Westscheme account.

This may also make you eligible to receive the Government Co-contribution, or you may be eligible for a tax deduction under certain circumstances.

You should consult your Tax Agent or a Financial Adviser for specific advice about your circumstances in this instance.

Generally you can contribute if:

  • You are under age 65;
  • You are between the ages of 65 and 74 and have worked at least 40 hours in a period not exceeding 30 days in the financial year;

If you are aged 75 or over, no personal or self-employed contributions can be made.

Under Federal Government legislation, personal contributions made after 1 July 1999 are preserved until you reach your preservation age and retire from the workforce.

To find out more about personal contributions, please refer to Section 3 - Your Westscheme Account, in the Member Handbook/Product Disclosure Statement. See Publications/Forms.

 

Making a personal contribution

Want to make a personal contribution? It’s easy!

Westscheme 's payment options include Direct Bank Debit, BPAY, via a Payment Booklet or through Westscheme’s Personal Contribution Payment Form.

Westscheme’s Online Services (via Member Login on the homepage) gives you access to Direct Bank Debit and BPAY payment options. To register for this convenient service, simply call Westscheme on 08 9278 7070 or 1800 198 327 for a PIN number (please have your Westscheme Member Number handy). Once registered and logged into your account, follow the simple instructions under ‘Make personal contributions’.

To download a copy of the Personal Contribution Payment Form or Member Direct Debit Request, please click under Publications/Forms. Alternatively, if you would like a Superannuation Payment Booklet contact Westscheme on 08 9278 7070 or 1800 198 327.


Do you intend to claim a tax deduction for your super contributions?

You will be eligible to do so if you earn less than 10% of your combined assessable income and reportable fringe benefits from eligible employment (i.e. you are primarily self-employed).

If you intend to claim a tax deduction for your personal contributions, or want to vary a previous notice of intent you gave to us, you need to complete and lodge with us the approved form "Notice of intent to claim or vary a deduction for personal super contributions".

Please note the following important points before you complete this form:

  • You must lodge this notice before both of the following dates:
    • The day that you have lodged your income tax return for the year you intend to claim the tax deduction
    • The end of the income year immediately following the year in which the contribution was made.
  • You must receive an acknowledgement from the Trustee of Westscheme before you lodge your income tax return for the year you are claiming a deduction.
  • Once you have lodged your income tax return for the year you are claiming a deduction, you cannot apply to vary the amount you are claiming as a tax deduction.
  • Personal superannuation contributions for which a deduction is claimed by you will form part of the assessable income of the fund and will be taxed at the rate 15% in the superannuation fund. Therefore, if you intend to transfer these contributions to a pension account with Westscheme to commence a pension, or to split or rollover the contributions to another super account, please be aware that 15% of the total amount claimed by you needs to be withheld from your original super account.
  • The concessional contribution annual cap* applies to the amount of personal contributions you can claim. If your claim causes you to exceed this contribution cap, you may have to pay more tax.
    *From 1 July 2009, concessional contributions made to super will be subject to an annual cap of $25,000 pa or, if you are aged 50 or over, $50,000 pa between 1 July 2009 and 30 June 2012. If the cap is exceeded, excess contributions will be taxed at 31.5%, in addition to a contributions tax of 15%.
  • If you intend to split contributions made in the relevant year with your spouse and to also claim a tax deduction for your super contributions then you need to provide the notice of intent to claim a tax deduction to Westscheme before you lodge your contribution splitting application.
  • There are age restrictions for claiming a tax deduction and if you are 75 or over, you can only claim a deduction for contributions made before the 28th day of the month following the month in which you attained age 75.
  • The completion of this form may affect your eligibility for a super co-contribution payment.
  • From 1 July 2009, your total annual salary sacrifice contributions will be included when calculating total income. Your total income is assessed in order to decide if you are eligible to claim this deduction.