When and how is the 15% tax deducted from the Concessional Contribution I make? I am a self-employed person working full time and over 65 years old. It does not seem to show on any statements and when we have telephoned your organisation re this, the response has been that there is no tax charged. All the information I have read states that there is a 15% tax charged on the contributions - Robin
To claim a tax deduction for self-employed contributions, you will need to submit the ATO section 290-170 form to Media Super by the earliest of:
- the day you lodge your income tax return for the year the contributions were made, or
- the end of the income year after the income year in which you made the contributions.
You will also need to receive acknowledgement from us before claiming a deduction. Once your form is processed the 15% tax will be deducted from your account.
Download a copy of the section 290-170 form at www.mediasuper.com.au/forms and visit Tax deductions for more information.