Claiming personal super contributions deductions

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.

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