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Date Posted: Friday, December 17, 11:03:23am
Author: Laura
Subject: Re: Superannuation deductions
In reply to: Billy 's message, "Superannuation deductions" on Tuesday, December 14, 12:20:38pm

Assuming you are self employed, this is your only form of income and the super is being paid into a complying super fund you should be eligible to gain a tax deduction for some of your superannuation contributions. The maximum deduction is either the first $5000 plus 75% of the contributions in excess of $5000. Therefore as you only contributed $9500 your deduction would be $8375. However in order to claim this deduction you need to lodge an intention to claim a deduction notice with your superfund and recieve an acknowledgement back. As far as the goverment co contribution goes if you are eligible to claim a tax deduction for your contributions you wont be able to claim the super co contribution.

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