From 1 July 2017 individuals may be able to claim a personal tax deduction for contributions to superannuation. (Prior to this, individuals could only claim a personal tax deduction if they were substantially self-employed.)
If you want to claim a personal tax deduction, you will need to:
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Ensure the contributions are received by your superannuation fund prior to 30 June;
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Give your superannuation fund a “Notice of Intention to Claim a Deduction for Personal Super Contributions”;
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Receive an acknowledgement letter from your fund prior to lodging your 2018 tax return.
Remember that the maximum concessional (deducted) contribution that individuals can claim for the 2018 year is $25,000. If you are an employee and you wish to make additional deducted superannuation contributions (on top of the contributions made by your employer), you will need to ensure that the combined contributions do not exceed the $25,000 concessional cap.
If you would like to discuss your eligibility to claim a deduction for a personal superannuation contribution, please call us on (07) 56656469.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.
