I am 40 years old. I have made after-tax personal contributions to super using my carry-forward unused concessional contributions from previous years and salary sacrificing through my employer. However, if I claim a tax deduction for my after-tax personal contributions, my taxable income will be below AUD 18,200. I have heard this could mean an issue. What would the tax implications be?
The low income offset means that you pay no tax if your taxable income 21,880.
If a super deduction drops your taxable income below 21,880 then you the super fund will be paying 15 % contribution tax on an mount that does not reduce your personal income tax.
The low income offset means that you pay no tax if your taxable income 21,880.
If a super deduction drops your taxable income below 21,880 then you the super fund will be paying 15 % contribution tax on an mount that does not reduce your personal income tax.
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