Eligibility to make a Super Contribution If you are under Age 65, you do not have to be working to contribute to Super.
Eligibility to Claim a Tax Deduction
If you are under 65 and make a personal super contribution, you may be able to claim a tax deduction on those contributions. In practice, there are three main categories of people who can claim a deduction for personal contributions to super, namely:
> People who are self-employed who have no employer to make super contributions for them
> People who are not working; or
> People whose income earned from their employment is less than 10% of their total income.
Maximum Tax Deductible Contributions (Now termed "Concessional Contributions")
If you are aged under 65 and contribute to Super AND you fall under any of the above 3 categories, you will be able to claim a tax deduction for the full contribution made into super subject to the following thresholds:
2011 Financial Year
Aged Over 50 at anytime during the year $50,000
Aged Under 50 for entire Financial Year $25,000
Additional to Undeducted Contributions (Now termed "Non Concessional Contributions")
The limits detailed above are in addition to any Undeducted Contributions that you are permitted to make.
Tax on Deductible Contributions (Now termed "Concessional Contributions")
Tax is payable on Deductible Contributions made into a SMSF at the rate of 15%.
ATO Tax Deduction Notice
If you want to claim a Tax Deduction on Contributions made (assuming you are eligible) we will require a completed ATO Tax Deduction Form evidencing the Tax Deduction. Details can be found here.
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