2019 Tax Tip : Tax Deductible Super

Claim concessional super contributions as a tax deduction.

As was the case last year, it may be possible for you to claim some super contributions as a tax deduction.

This will be a useful strategy if …….

  • You forgot to salary sacrifice or did not sacrifice as much as you could, or
  • You have a large capital gain this year which you would like to reduce, or
  • You will receive a trust distribution which you would like to reduce, or
  • Your taxable income from any source will be over c.$35k & you would like to pay less tax

The most you can claim is $25k, BUT this includes any 9.5% super guarantee paid by your employers AND any salary sacrificed amounts. You must also be over age 18 and under age 65 or satisfy the 40 hrs in 30 days work test.

How do I do it? …….

  1. Log onto your superfund and add up any concessional contributions made this financial year to date. Estimate what else will be contributed before June 30, and determine how much more you could contribute to bring you up to $25k.
  2. Find out the BPAY code for making personal contributions to your fund and make sure the contribution is paid and cleared before 30 June. Different funds have different year end deadlines, so do it ASAP.
  3. Complete the intention to claim a tax deduction notice and send it to your superfund.
  4. The superfund will send you a confirmation notice which you need to include with your tax papers. No notice – no tax deduction, so don’t lose it!

If you have any questions don’t hesitate to get in touch.

Lindsay 0413 952 180

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2 thoughts on “2019 Tax Tip : Tax Deductible Super

  1. Hi Lindsay,

    For clarity, this includes statutory contributions made by the employer too?

    I have made no personal contributions but my employer has made over $25k of contributions so does that count?

    Thanks

    Andrew

    >

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