Diamond Accounting

 Following recent changes, a self-employed taxpayer will be able to claim all their contributions to a complying superannuation fund as fully tax deductible up to age 75. Low-income earners may also be able to access the government co-contribution where the government makes a contribution of $1.50 for every dollar of personal contributions made by eligible taxpayers.

Applying for super co-contributions

You don’t need to apply for the co-contribution. All you need to do is:

• make personal super contributions (after tax) super contributions before 30 June to your super fund or retirement savings account (RSA)
• don’t claim a personal super contribution deduction for at least some of your personal contributions in your income tax return, and
• lodge an income tax return.

Once your super fund has reported your personal contributions to us, and you have lodged your income tax return, we can then calculate if you are eligible. If you are, we will automatically calculate the co-contribution amount and deposit it into your super account.

We make most payments between November and January each year as most contributions are reported to us by then.

If you don’t supply your TFN to your super fund or RSA, they cannot accept your personal contributions and you may miss out on a co-contribution.