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 the penalty tax rate may apply. For more information on this topic, please click here.

If you would like to apply for a tax deduction, you need to complete a Deduction for Personal Super Contributions. This form referred to as a section 290-170 notice. For more info on this from the ATO, click here.

The ATO issued a private ruling where the deductibility of personal super contributions was denied as a written acknowledgement was not received from the Fund. Please see this page for more information.

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.