• Michael Bachmayer

Are you a Public Servant/Teacher/Police/Nurse?

Public Servant? Teacher? Police? Nurse? Other similar jobs? You could be missing out on $1000’s of tax deductions – read on…

In the last couple of years, we have come across 1 -2 new clients each week who are public servants or work for the government who make personal super contributions through their weekly pay without even realizing it.

Personal super contributions CAN BE TAX DEDUCTIBLE in the right circumstances. When we uncover personal super contributions that someone has forgotten about, there is usually several thousand dollars worth of tax deductions previously missed. There are strict timelines and procedure that needs to be followed to claim these deductions. Once those timelines have passed there is no way to claim the deductions.

To be tax deductible, the contribution must be a ‘concessional contribution’. There is a limit (currently set at $27,500) to annual concessional contributions - this also includes salary sacrifice contributions and super guarantee contributions. A form needs to be lodged to your super fund informing them you wish to claim a tax deduction. The super fund will send an email/letter back confirming that you are entitled to the deduction.

You must forward that letter to your accountant before your tax return is lodged otherwise you will forever lose that deduction. This type of deduction is often missed by tax preparers who sit in busy shopping centre booths and is the reason you should visit a qualified accountant and tax agent instead.

If you would like us to check whether you have forgotten/missed deductions for personal super contributions, book an appointment today.

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