are you self-employed?

If you are self-employed (or substantially self-employed), you may be able to claim a tax deduction for certain contributions you make to your Health Super account. 

are you eligible to claim a deduction?

To be eligible to claim a tax deduction you must answer yes to the following question.

• were you substantially self-employed? This means that your assessable income plus reportable fringe benefits from other paid employment was less than 10% of your total assessable income and reportable fringe benefits for the 2006/07 financial year.
• If you are unsure whether you are eligible you should consult a financial advisor.

how much can you claim?

important: From 1 July 2007 the changes to superannuation may alter the contribution amounts and eligibility to other superannuation incentives. Please read the Budget fact sheet for more information, or visit www.ato.gov.au/bettersuper

use this simple guide to see how much you can claim.

if you pay this in	you can  claim this
$5,000 or under	The whole amount (i.e. $5,000).
More than $5,000	The first $5,000 plus 75% of the excess (over $5,000) up to your Maximum Deductible Limit (MDC).  (This is an age-based limit on the amount you can claim as set out by the ATO).

what is your Maximum Deductible Limit (MDC)?

age in years	MDC 2006/07
Under 35	$15,260
35-49	$42,385
50–70 (& 28 days)*	$105,113

*Deductibility can only be considered where the contribution is paid on or before the 28th day of the month following the month in which the relevant person turned 70 years of age.

 

how to make a claim

To make a claim you will need to download and complete the self-employed form and return it to Health Super. Once you have completed and returned this form to Health Super, a letter of acknowledgement will be sent to you. 

You will need this letter in order to claim a tax deduction in your 2006/2007 tax return. You cannot finalise your tax return until you have received this letter.

The Federal Government Co-Contribution has now been extended to those that are self employed.

Find out more information about the Governments Co-Contributions and if you are eligible.

 

 

please note: All contributions made under Section 82AAT of the Tax Act are fully preserved and must remain in Health Super until you satisfy a condition of release.

15% of your deductible contribution will be deducted from your account to pay for the Government Contributions Tax.