In the 2017 Federal budget, the Australian government removed the 10% maximum earnings restriction on the personal superannuation contributions tax deduction. This means you may be eligible to claim a personal super contributions tax deduction in this financial year (i.e. before 30 June 2018). This tax deduction could be as high as $25,000, less any super contributed by your employer.
If you are eligible, you will need to do the following to claim a personal super contribution tax deduction in the 2018 financial year:
make personal (after tax) super contributions directly to your super fund before 30 June 2018, if you haven't already contributed this financial year
give your super fund a notice of intent to claim or vary a deduction for personal super contributions
obtain acknowledgement from your super fund of your notice of intent before you lodge your 2018 tax return
For more information call Cam on (03) 9583 9583 or email firstname.lastname@example.org
The information presented is general in nature and not to be used, relied or acted upon without seeking professional advice to ensure that the information appropriate for your individual circumstances. National Taxation accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. www.nationaltaxation.com.au. ABN 63 665 545 130