Budget Changes for Superannuation

For employees a major change that was announced in the May 2017 budget was that personal contributions made to a superannuation fund with after tax dollars will be tax deductible from 1 July, 2017. This is great news for employees in that a contribution will become tax deductible and it will help boost your retirement. In order to satisfy the ATO at the end of the financial year you have made the contribution, your superannuation fund will mail to you a form asking whether you would like to claim your contributions as a tax deduction.

You must sign and return the form to your superannuation fund, your superannuation fund will then provide you with a form that acknowledges your intention to claim a tax deduction. Once you have received this acknowledgement form, provide it to your accountant when preparing your income tax return.