You may be able to claim a tax deduction for personal super contributions that YOU MADE (not your employer made) to your super fund (i.e money from your bank account transferred to your super fund).
- Employer contributions such as Super Guarantee, Additional Employer contribution, and Salary Sacrifice CANNOT be claimed
- You must earn an income (wages, investment income, etc.)
- You will get more tax refund money back to you
- The amount of super you contributed, that you claimed as a deduction; 15% of that amount will be taxed and deducted from your superfund balance
- e.g. you paid $1000 into your super & claimed this as a deduction. 15% of this contribution ($150) will be deducted from your super account.
- it will affect your super co-contribution eligibility.
- you will have to pay extra tax
- any excess concessional contributions will count towards your non-concessional contributions cap.
- Division 293 tax applies to you - when your income is >$250,000