Claiming superannuation deductions now for employees from 2018 tax year
Until the 2017 tax return only self employed could claim extra superannuation contributions and this had to be effectively done through salary sacrificing to super.
However, from 2018 tax returns employees can also claim super contributions.
This can be a great tool to reduce your taxes if a high income earner. It is also great to get a tax deduction for investing too.
It is important you seek financial advising on the amounts to contribute and if this is suitable for your individual circumstances.
The amount you can claim is after tax super contributions, generally limited to $25k and you must lodge notice of intent to claim with superfund.
Check with your financial adviser on whether it is a good idea for you, the tax savings and amounts to contribute extra to super. They can even make sure your paperwork is right to claim the deduction called an intention to claim form.
For more advice contact us on 0883374460 or visit our website www.taxaccountingadelaide.com