Personal super contributions and income tax/SMSF returns
If you are self employed you are entitled to claim a tax deduction for superannuation contributions if you comply with a number of requirements.
The ATO has advised that, where you have made a contribution to your own self managed super fund (SMSF), you need to ensure:
you have advised the fund in writing of your intent to claim a deduction and the amount you intend to claim;
you have an acknowledgment from your SMSF that it has received your notice to claim a deduction before lodging the individual tax return; and
you complete the correct items and labels in your individual tax return, in the fund's income tax return, and when completing your member contribution statement.
Please contact this office if you need assistance with your self managed super fund. It is important to get this right as the ATO matches data between individual returns, member contributions statements and fund income tax returns when looking at who it will audit.