7 January 2019
A change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super.
Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were rendered ineligible to claim any tax deduction for after-tax contributions you may have made to your superannuation fund.
But this rule has been removed, effective for the 2017-18 financial year and onwards, so now anyone who puts their own money into super — called personal contributions or (in the lingo of superannuation professionals) non-concessional contributions — may be able to claim a tax deduction for it.
Continue reading “Self-employed? You could claim a deduction for saving for your retirement”