Changes to personal superannuation contributions

superannuation advisors noosa

superannuation advisors noosa


From 1 July 2017 all individuals under the age of 75 are able to claim an income tax deduction for personal superannuation contributions made to a complying superannuation fund.

Previously only individuals who derived less than 10 percent of their income from employment sources could claim this deduction.  Employees that were excluded because of the 10 percent test were forced to negotiate salary sacrifice arrangements with their employer if they wished to make additional contributions to superannuation.

Personal superannuation contributions post 1 July 2017 will count towards the annual concessional contribution cap of $25,000.  These contributions will be subject to 15 percent tax in the superannuation fund.

If you make a personal superannuation contribution you will need to lodge the required notifications with your superannuation fund before your tax return is lodged for the relevant financial year, to ensure you are eligible to claim the amount as a tax deduction in your personal tax return.

More information : We encourage employees on current salary sacrifice arrangements to contact your Stratogen Accountant to discuss the implications of these changes on 07 5474 0711.

Noosa Chartered Accountants and Financial Advisors.

Stratogen consists of a team of expert personal accountants and professional financial advisors serving individuals, businesses and corporations on Queensland’s Sunshine Coast.

We offer the full range of services expected of a leading edge accounting firm. Our personal services for individuals include accounting, tax returns, superannuation funds and financial planning, estate planning, insolvency services and asset protection. Our approach to both our clients is practical, open and honest.

Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast. Our expertise is unparalleled and thus we work with clients in Noosa, Mount Isa, living interstate around Australia and internationally.

Call (07) 5474 0711  Email Us  Make an Enquiry

noosa accountants financial advisors sunshine coast queensland