De­duc­tion for su­per con­tri­bu­tions

Money Magazine Australia - - IN BRIEF -

Most peo­ple un­der 75 are now able to claim a tax de­duc­tion for af­ter-tax con­tri­bu­tions to su­per. The con­di­tion that less than 10% of your in­come must come from salary and wages was scrapped from July 1. If you’re aged be­tween 65 and 74, though, you will need to meet the work test.

What you claim will count to­wards your con­ces­sional cap of $25,000 – not the non­con­ces­sional cap, which is much higher.

If you want to claim a tax de­duc­tion for per­sonal con­tri­bu­tions, you must lodge a no­tice of in­tent with your su­per fund and have this no­tice ac­knowl­edged (in writ­ing) by your fund. You can find the rel­e­vant form on the tax of­fice web­site ato.gov.au.

If you claim a de­duc­tion for your per­sonal con­tri­bu­tions you may not be el­i­gi­ble for the govern­ment’s co-con­tri­bu­tion. En­ter “Change to per­sonal su­per con­tri­bu­tions de­duc­tions” in the search bar of the ATO web­site for more info.

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