From 1 July 2012, individuals earning up to $37,000 will effectively not pay any tax on their superannuation guarantee contributions.
Under this measure, the 15% contributions tax will be refunded into the individual’s superannuation account. This is an automatic measure, so individuals will not be required to apply for this refund, the ATO will verify an individual’s income using available data.
As with the co-contribution scheme, individuals who received less than 10% of their income through employment or business will not be eligible. Individuals will only receive a refund, if their LISC entitlement is at least $20.
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If you would like to have an initial consultation about your SMSF requirements, please get in touch.