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DEDUCTIBLE SUPER CONTRIBUTIONS 2020 FINANCIAL YEAR


Are you making an after-tax superannuation contribution in the 2020 financial year?


To be eligible to claim a personal super contribution as a deduction, you must:

  • Make contribution and have your contribution received and processed by your superannuation fund by 30 June 2020
  • Provide your Super fund valid ‘Notice of intent’. This can be done with the completion of the ‘Notice of Intent form to claim a deduction for personal super contributions’ as available on your superannuation fund’s website.
  • Receive from the Super fund an acknowledgement letter in response to your ‘Notice of Intent -’ form. Please provide this to your accountant at tax time!
  • Claim the deduction in your 2020 Tax Return after receiving the acknowledgement letter.

For any personal Super deduction claimed in your Tax Return, those personal contributions in your Super Fund will be taxed at 15%.

To read more on claiming deductions for personal super contributions please visit: 

https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Claiming-deductions-for-personal-super-contributions/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.

  

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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