Can I claim personal super contributions to reduce my tax on a capital gains event?

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 · Accepted Answer

TaxedoMask · Answer

Yes - but for context, capital gains forms part of your assessable income. Personal super contributions are part of your deductions. Assessable income less deductions = taxable income. You pay tax on your taxable income. If you are looking to make personal super contributions, have a look here (https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/claiming-deductions-for-personal-super-contributions/). The key point is that you need to know what your contribution limits are. If you are a salary/wage earner, the superannuation guarantee (currently 10%) paid by your employer forms part of the cap - along with the personal super contributions. For the contribution caps - see here (https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=2). Your super fund should tell you what forms you need to fill in. Of particular note is the ATO one - here (https://www.ato.gov.au/forms/notice-of-intent-to-claim-or-vary-a-deduction-for-personal-super-contributions/).

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