Since 1 July 2017, all individuals can now claim a deduction for contributions to their superannuation fund, even if your employer is also contribution for you.
Contributions made by your employer plus personal contributions must not exceed $25,000 to be concessionally taxed at 15%.
However, before you can claim a tax deduction for your own superannuation contributions you must:
- Inform your fund of your intention to claim the tax deduction. All funds will usually provide the necessary document to do this in their annual reports pack (if not by separate mail).
- You will receive an acknowledgement from the fund of your notification.
You cannot claim the tax deduction unless you have received this acknowledgement.
Please note, this rule is the same for all individuals, employees or not.
This article appeared in our September 2018 newsletter and was written by Stephen Mason
