Is my Super Contribution tax deductible (Section 290 form)?

Last financial year (2017/18) is the first time those who have made a personal contribution to super are able to claim those contributions as a tax deduction, regardless of whether they also received contributions paid on their behalf by their employer (i.e. SG contributions).

If you wish to claim these personal contributions as a tax deduction you must complete a “Section 290” form before the earlier of;

  • Doing your tax return for the 2017/18 financial year

  • Transferring the funds to another super fund (i.e. rolling them over)

  • Commencing a Pension plan

Now this doesn’t necessarily mean everyone wants to claim all their personal contributions, some people (usually those earning less than $36,813) make a contribution (usually $1,000) to qualify for the “Government Co-Contribution”. If this is the case then you do not complete the Section 290 form.

{Please Note: COMPASS cannot specifically advise you on your tax, but can make you aware of the potential tax outcome that is incidental to financial advice, such as the notification above. However, you should always discuss any of your tax enquiries with your Accountant or tax advisor}.

Notice of intent to claim a deduction for personal super contributions form

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COMPASS financial management (A.B.N. 43 235 905 061) is an authorised representative of Charter Financial Planning Ltd, Australian Financial Services Licensee


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