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  • Personal super contributions deduction

    Previously, a member (primarily self-employed) could claim a deduction for personal super contributions where they meet certain conditions. One of these conditions is that less than 10% of their income is from salary and wages.

    Effective 1 July 2017, this condition was removed for the 2017-18 and future financial years. The remaining conditions remain the same.

    The intent of this change is to improve the flexibility of the super system so that more Australians can utilise their concessional contributions cap.

    See also:

    Summary impacts for self-managed super funds

    • Notices of intent could be received and will lead to acknowledgements needing to be issued.
    • There will be changes to member eligibility, for example a defined benefit.
    • Additional reporting may be required.
    • Due to more eligible contributions, funds may see an increase in their assessable income.
    Last modified: 28 Nov 2017QC 51296