I’m working and have some spare cash and I’d like to boost my super before I retire. Could you please explain how a tax-deductible contribution to super works? It’s confusing to know whether I simply transfer the money from my bank account into my super fund and then claim it as a deduction, or whether there’s a special form that has to be lodged first. I’d also like to know if it’s possible to borrow money from the bank to make a deductible contribution to super, or whether that would cause problems.

It should be only a matter of transferring the money to your super fund’s bank account. It would be an easy matter to find out what that is if you are a member.

A super top-up using a loan from the bank is possible – just don’t over-egg it.Credit: Simon Letch

I guess you could borrow money for superannuation contributions but you would need to keep in mind that no tax deduction would be allowed for the interest – as the purpose of the borrowing is to purchase a non-income-producing asset.

When you make a personal contribution to super and want to claim it as a tax deduction you must complete a ‘Notice of intent to claim or vary a deduction for personal super contributions’ (form NAT 71121). Most super funds provide their own version of this form online or through their member portal, and once you lodge it with your........

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