Claiming Income Tax Deduction on after Tax Contributions to Superannuation
Is this correct??
I am a PAYE tax payer with a job.
For the 2017-2018 financial year I can lodge an “intention to claim a tax deduction” form with my Super fund tomorrow. And then I can deposit $25,000 as an after tax contribution in to Super fund and then on my 2017-2018 tax return claim all of it as a tax deduction?
If I do that does 15% of the $25,000 comes out of my Super fund? (And gets paid as tax to the gov’t).
I rang the ato Super phone number this week but I knew more than the person who answered the phone.