You may be able to claim a tax deduction for personal contributions you make to your superannuation (super).
This includes people who get their income from:
- salary and wages
- a personal business (for example, people who are self-employed contractors, or freelancers)
- investments (including interest, dividends, rent and capital gains)
- government pensions or allowances
- super
- partnership or trust distributions
- a foreign source.
The contributions that you claim as a deduction will count towards your concessional contributions cap. When deciding whether to claim a deduction for super contributions, you should consider the super impacts that may arise from this, including whether:
- you will exceed your contribution caps
- Division 293 tax applies to you
- you wish to split your contributions with your spouse
- it will affect your super co-contribution eligibility.
If you exceed your cap, you will have to pay extra tax and any excess concessional contributions will count towards your non-concessional contributions cap.
Find out about:
- Are you eligible to claim a deduction?
- How to make a claim
- When to give your notice of intent
- Splitting amounts to your spouse
- The effects of claiming a deduction
- Super contributions – too much can mean extra tax
If you have any questions please contact your Tax accountant here
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