We present finite element modelling of thermal lensing occurring in an interferometer test mass. Our simulations include the thermo-optic effect and mechanical expansion of the optics. For the High Optical Power Test Facility (HOPTF) operated by the Australian International Gravitational Observatory (AIGO), the optical path length measured across the laser beam radius is 45 nm for 1.2 W absorbed power for the input sapphire test mass. The AIGO thermal lens is much stronger than the one in Advanced LIGO and will degrade the interferometer performance.Direct thermal compensation and the use of an external compensation plate were investigated to minimize thermal lensing consequences in the interferometer. For the AIGO situation, a fused silica external plate is the most practical solution to correct thermally induced wavefront distortions. The compensation plate requires lower thermal power than direct compensation and does not increase the test mass temperature.