Budget 2018/19: Greater Requirements on Personal Super Deductions

Share us on…

Share on facebook
Share on twitter
Share on linkedin
Share on email

Budget 2018/19: Greater Requirements on Personal Super Deductions

The Coalition will add further integrity checks to the deductibility of personal superannuation contributions.

Last year a change was made to allow anyone to claim a tax deduction for personal superannuation contributions. When you claim a personal deduction, you are obliged to tell your super fund so they can process it correctly and withhold 15% tax – however there have been few checks around this.

The ATO will increase the documentation requirements and it will no doubt be backed with increase data matching and audit focus.

Have Any Questions?