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In some cases, you may be eligible to claim a tax-deduction for some or all of your personal super contributions. Your personal circumstances will determine whether you can do this. If you claim a tax deduction for a super contribution you’ve made, that contribution will be subject to 15 per cent tax in the fund rather than the marginal tax rate outside of super.

Any contribution you claim a tax deduction on will form part of your concessional cap, so your concessional contributions (which also include any employer contributions and salary sacrifice arrangements) cannot exceed $27,500 in any one financial year.

Seeking professional help from an accountant or tax adviser can also ensure you get the best advice for your personal situation.

Before you claim a tax-deduction for your contribution, you must notify your fund that you intend to do so by completing a Notice of intent to claim or vary a deduction for personal contributions form. Your fund will then send you a written acknowledgement, after which you can claim a deduction for your contribution when you complete your tax return.

Important information

This information was prepared by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). A copy of the Product Disclosure Statement can be obtained by contacting Resolution Life. This general advice has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of this information in light of your circumstances. This advice is based on our understanding of current law as at May 2022, and is based on its continuance unless stated otherwise. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. Resolution Life do not actively monitor breach of superannuation contribution caps. You should keep track of the contributions made to your account in respect of the caps applicable to you. You should obtain professional advice before acting on the information contained in this communication. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Resolution Life is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.

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