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Articles

Director Penalties – Workplace Relations Act

Tougher Sponsored Workers Policy
Player Management Fee Deductions – 3
Insolvent Trading Defences
SMSF Investment Strategies – Still Relevant?
Requirements: Deducting Personal Super Contributions
Medicare levy low-income thresholds
Seniors Health Card
Seniors Supplement for self-funded retirees
Big Brother – Bricklaying Benchmark
Student entitled to deductions against Youth Allowance
Seniors – do you hate your mobile phone?
Investors in MISs Carrying on a Business
Australian Taxation Office Defers Tax Debts
Super Fund Members may be Entitled to more Age Pension
Checklist - Individual Tax Return Checklist
Checklist - Company, Trust and Partnership
Checklist - Superannuation Funds
Requirements: Deducting Personal Super Contributions
The trustees of self managed superannuation funds (SMSF) need to be aware of the administrative requirements if a member wants to claim personal contributions.

Clients must have:- 
  • Made personal contributions from ‘after-tax’ money – salary sacrifice contributions don’t qualify;

  • Satisfied the 10% test – generally less than 10% of their assessable income, plus reportable fringe benefits, can be from employment related activities (i.e., don’t use taxable income to work this out);

  • Provided their super fund with a notice of intent to claim an income tax deduction in the approved form (e.g. using the Notice of intent to claim or vary a deduction for personal super contributions (NAT 71121));

  • Given the notice on or before the date their tax return is lodged, or by 30 June of the following income year, whichever is earlier; and

  • Received a formal acknowledgement of the notice from the fund before claiming the deduction – this shows the amount that can be claimed
 Deductions may be disallowed if it is found they have not met these requirements.

31st-August-2009