If you are self-employed, you can contribute to your SMSF tax-effectively. You can claim a tax deduction on Superannuation contributions in your business. 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 (generally $25,000) 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.
You can also contribute an extra $100,000 per year into your SMSF as a non-concessional contribution.