Posted on 25 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
- 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.