Join our investing community

Urgent - Claiming Deductions for Concessional Contributions

Discussion in 'Superannuation, SMSF & Personal Insurance' started by archangelsupreme, 17th Oct, 2007.

  1. archangelsupreme

    archangelsupreme Well-Known Member

    Joined:
    7th Sep, 2007
    Posts:
    206
    Location:
    Australia
    Hello all, need urgent help.

    I put in my tax return 2 weeks ago however found that I may have left out something.

    I've read a book (Paul Clithiroe) which says that all concessional contributions are deductible. Though i'm not sure if i'm understanding it properly. Does this mean that I can claim as a deduction all the compulsory (9%) which were made by my employee (in this case an agency) in my tax return and also any salary sacrifice super?

    If this is possible, whereabouts would I make it within my tax return. I know there's a section on superannuation and annuities but this is quite confusing and when I did my tax return I didn't think that this would apply (said something about being self-employed).

    Please help
     
  2. Mark Laszczuk

    Mark Laszczuk Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    793
    Location:
    Brisbane
    As an employee, you don't claim SGC as a tax deduction, your employer does.

    Mark
     
  3. archangelsupreme

    archangelsupreme Well-Known Member

    Joined:
    7th Sep, 2007
    Posts:
    206
    Location:
    Australia
    Ok, how about ur own salary sacrifice ontop of the SGC?

    Read somewhere that u need to be either self employed or have an assesable income that is 10% of something?
     
  4. coopranos

    coopranos Well-Known Member

    Joined:
    11th Oct, 2006
    Posts:
    498
    Location:
    Perth
    Salary sacrafice is paid by your employer out of pre-tax dollars, so you dont get any deduction just a reduced taxable income.
    As far as I am aware you only need to include super contributions in your tax return if you are self employed. Any contributions made by you from after tax dollars are undeducted contributions so not taxable on the way into your super fund.
     
  5. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Or also if your EMPLOYERs pay to you is less than 10% of your TOTAL income.

    Eg, if your employer paid you $10,000 you could make a concessional contribution and claim a tax deduction if your TOTAL income was $100,000 or more, eg, income from investments (income or CG) is the other 90%.

    Dan

    PS This is general information before making an investment decision speak to your FPA registered financial planner, accountant or tax adviser.