Claiming personal super contributions deductions

Posted on 24 May '18 by , under Super.

More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July 2017.

Eligible individuals include those who earn their income from:

  • Salary and wages
  • A personal business (self-employment)
  • Investments such as interest, dividends, rent and capital gains
  • Government pensions or allowances
  • Super
  • Partnership or trust distributions
  • A foreign source

Those who wish to claim a deduction need to:

  • Make personal after-tax super contributions directly to their super fund before 30 June 2018, if they have not already contributed this financial year
  • Provide their fund with a ‘notice of intent to claim or vary a deduction for personal super contributions’
  • Obtain acknowledgement from their fund of their notice of intent before their 2018 tax return can be lodged.