Personal deductible contributions – Getting it right

With excess contributions tax assessments on the rise, this update is a timely reminder of the requirements that need to be satisfied to make a concessional contribution to superannuation.

Importantly, a self employed individual will need to ensure they are within the employment earnings threshold of 10% and a notice of intent is provided to the fund. Further, the self employed individual must have derived sufficient assessable income to claim a deduction.

In this update we also discuss some tricks and traps to keep in mind when claiming a deduction for contributions made in mid June but allocated in July and timing issues on when a contribution is deemed to have been received by a fund trustee.