Can I Claim Super Contributions as a Tax deduction?

Noosa Accounting Blog
When do I need a log book to claim motor vehicle expenses?
August 14, 2015
Noosa Accounting Blog
Uniform Expense Claims PAYE Tax
August 14, 2015
Show all
Noosa Accounting Blog

You may be able to claim a deduction for personal contributions even if you receive some income as an employee, as long as you satisfy the ‘maximum earnings as an employee’ condition.

Under this condition, less than 10% of your income must be in respect of your employment. Income includes your assessable income for the income year, your reportable fringe benefits for the income year and the total of your reportable employer super contributions (RESC) for the income year.

Be aware that age restrictions may apply and there are caps that apply to contributions made to your superannuation in a financial year. Any super contributed over a cap amount is subject to extra tax.

If you do make a personal contribution you need to have written to your super fund or RSA provider, in the approved form to advise them of the amount you intend to claim as a deduction.