EOFY – what’s new with tax deductions for super contributions

Executive Manager, SMSF Technical & Private Wealth, SuperConcepts
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Last year’s changes to super opened things up for anyone wishing to claim tax deductions for personal contributions. But you’ll need to make the contribution by 30 June 2018 if you’re going to make a claim.

The maximum amount of deductible super contributions that can be made for you without penalty is limited to $25,000. This includes amounts your employer makes to super, including super guarantee and salary sacrifice contributions, as well as super contributions that you have claimed as a tax deduction.

If you’re going to make a deductible contribution, the first thing is to make a personal contribution to super by 30 June 2018. Contact your fund or have a look on the fund’s website to find out how to do it. If you have a self-managed superannuation fund, then it’s probably just a matter of making a transfer of the money to the fund’s bank account.

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