From 1 July 2017, you do not have to be self-employed in order to contribute to your SMSF tax-effectively. You can claim a tax deduction on Superannuation contributions. The contributions made to your SMSF are called “concessional contributions” because this will be taxed in your SMSF at the concessional rate of 15%.
An annual cap for concessional contributions (From 1 July 2021, the concessional contributions cap is $27,500.) is applied to your concessional contributions. Please note that if you exceed this cap, a penalty tax will be applied. You should complete a Deduction for Personal Super Contributions (click on the link for more info). To download the form, click below:Notice of Intent to claim a personal contribution – download
Please complete this form and send a copy to Superannuation Warehouse. This will be used to complete your SMSF tax return.
To claim a deduction in a personal capacity for super, you have to complete the form noted above. Remember to keep a copy of this form, also referred to as a S290-170 notice, as proof the concessional contribution was paid to the SMSF.
The ATO published a private ruling regarding deductibility of personal super contributions where the Fund was unable to claim tax deduction for contributions as a written acknowledgement was not provided. Please see this page for more information.
You can also contribute an extra $100,000 per year into your SMSF as a non-concessional contribution.