If you have made personal (member) contributions into any of your AMP superannuation accounts during the 2016/17 financial year, you MAY BE entitled to claim a tax deduction for these contributions. If you do intend to claim a tax deduction on these contributions you must complete a “Notice of Intent to claim a Tax Deduction” form and lodge it with AMP – and receive an acknowledgement from AMP to be able to claim a tax deduction – prior to lodging your Tax return.
We have a Guide available to assist you, in establishing if you are eligible.
For the 2016/17 financial year, in general, you are eligible to claim a tax deduction if you are self-employed, or you only get a small proportion of your income from work as an employee (10% test), or you are not working at all. Other requirements must also be satisfied.
For more information:
- Call the Australian Tax Office (ATO) on 131 020
- Refer to the ATO’s individual tax return instructions supplement 2017
- Refer to the information on ato.gov.au – search for ‘claiming a tax deduction for personal super contributions’
- Speak to your accountant or tax adviser
- We can email or post you the Guide produced by AMP
Note – The Government has removed the employment restrictions for eligibility to claim a tax deduction for personal contributions starting from the 2017/18 financial year.