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Item D12 - Personal Superannuation Contributions

Click this link to open the information on Item D12 label H on the ATO website.

To claim this expense as a deduction you need to answer a series of questions. These questions are provided in the Personal superannuation contributions worksheet (psc). Refer to Personal superannuation contributions (psc).

The Personal superannuation contributions worksheet (psc) populates label H with the Amount of contribution.

Concessional contributions

You must answer yes to all three questions in the worksheet to open the fields for data entry. The sum of the entries will be integrated to label H on the main return.

If you have made eligible contributions to more than one complying superannuation fund or a retirement savings account, create a separate psc worksheet for each. If there is only one schedule, there is no Index. Creating the second worksheet creates the Index. Click the New button to create the second or other additional worksheets.

For the 2017-18 financial year, the concessional contributions cap is $25,000.

From the 2013-14 financial year onward, excess concessional contributions are no longer subject to excess contributions tax. If a member's contributions exceed the cap, the amount will be included in the member's assessable income and taxed at their marginal tax rate.

Non-concessional contributions

Generally, non-concessional contributions are contributions made into your SMSF that are not included in the SMSF’s assessable income. The most common type is personal contributions made by the member for which no income tax deduction is claimed.

If a member’s non-concessional contributions exceed the cap, from 1 July 2014 a tax of 47% is levied on the excess contributions. Individual members are personally liable for this tax and must have their super fund release an amount of money equal to the tax.

Non-concessional contributions also include excess concessional contributions for the financial year. They do not include super co-contributions, structured settlements and orders for personal injury or capital gains tax (CGT) related payments that the member has validly elected to exclude from their non-concessional contributions.

From 1 July 2017, the non-concessional contributions cap is reduced to $100,000 for members 65 or over but under 75.

Members under 65 years of age will have the option of contributing up to $300,000 over a three-year period for members depending on their total superannuation balance.

Transitional arrangements apply to individuals who brought forward their non-concessional contributions cap in the 2015-16, 2016-17 and 2017-18 financial years.

CCH References

13-730 Deduction - personal superannuation contributions

14-100 Contributions-splitting superannuation benefits

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