The removal of the 10% maximum earnings condition means that you may be able to claim a personal super contributions deduction at tax time this year.
There are a few criteria that will make you eligible to claim the deduction, and, as outlined by the ATO, you must:
- Make personal (after tax) super contributions directly to your super fund before 30 June 2018, if you haven’t already contributed this financial year
- Give your fund a Notice of Intent to claim or vary a deduction for personal super contributions
- Obtain acknowledgment from your fund of your notice of intent before we are able to lodge your 2018 tax return.
Get in contact with your Nexis accountant to find out if you are eligible and how we can guide you through the process before the end June because you will miss out if you decide to do this with only a few days to go.
