From the 1st of July 2017, for the first time, employees are eligible to claim a tax deduction for personal contributions made to superannuation. Until this year only self-employed people were eligible to claim this type of deduction.
To be eligible to make the claim employees must be under 65 or under 75 and still working and contributions must be received by the superannuation provider prior to the 30th of June 2018. Employees must inform their superannuation fund of their intention to claim the deduction prior to lodging their 2018 personal income tax return.
The concessional contribution cap for the 2018 financial year is $25,000. This means that the total of all superannuation guarantee contributions made by a person's employer, plus their salary sacrifice superannuation
contributions, plus their personal contributions to superannuation that they are claiming a tax deduction for, must not total more than $25,000.