Home – New Forums Money matters Superannuation an expense?

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  • #972778
    altaimage
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    Hi everybody – just wondering, I know that Super can be classed as an assessable income if you dip into it – but would it be classed as an expense if you pay into it?

    I’m trying to figure out how best to add to my personal super fund through my business but seem to be coming into some unclear waters – even the guy’s that ‘manage’ my super fund have no idea on taxation matters when it comes to this (bit worrying that isn’t it!)

    So, anybody – any sole traders investing in super – what’s the go!

    #1057846
    RapidEntryBiz
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    Funny, you asked the same question on 3/3/11 and you got some good answers, why are you asking the same question again?

    Hamid Mirza answered as follow:
    You can pay away as much as you want to the superfund and claim a tax deduction for the payments made. In the superfund, the contributions will be taxed at 15% up to a certain limit called the concessional cap. Would need to know your age and perhaps how much you have already contributed to the super fund before giving you accurate advice as to what your concessional cap will be in your individual circumstances.

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