Claiming a tax deduction
If you’re substantially self-employed, unsupported or self-employed you may be able to claim a tax deduction for the personal contributions that you make. To be eligible, less than 10% of your total assessable income, including your reportable fringe benefits and total reportable employer superannuation contributions come from employment activities.
You must tell us you intend to claim a tax deduction. Complete and return a Notice of intent to claim or vary a deduction for personal super contributions form before Friday 30 June. Instructions on how to complete this form are available from the ATO website at ato.gov.au. You will need to ensure you complete your tax return correctly as well.
If you think you’re in a position to make a contribution and claim a tax deduction, it may be beneficial to seek advice to ensure it aligns with your current financial strategy.
AustSafe Super is the industry super fund for rural and regional Australia, and has been committed to looking after members’ super throughout their working life, and into retirement for over 25 years.
