Self-Employed Contributions

If you are self-employed, you can tax-effectively contribute to your SMSF. You can claim a tax deduction on Superannuation contributions in your business. The contributions made to your SMSF is called concessional contributions, and it will be taxed at the concessional rate of 15% in your SMSF.

There’s an annual cap (the concessional contributions cap) of $25,000 that applies to your concessional contributions. It is important not to breach this cap, as a penalty tax will apply if you do. If you would like to apply for a tax deduction, you need to complete a  Deduction for Personal Super Contributions (click on the link). This form referred to as a section 290-170 notice. For more info on this from the ATO, click here.

Please complete this form and give Superannuation Warehouse a copy of it. This will be used to complete your SMSF tax return.

You can also contribute an extra $100,000 per year into your SMSF as non-concessional contributions. Please note the change in the non-concessional contribution cap here.

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