I want to make a $50K contribution to my superannuation. Can I claim a tax deductions?

Hi Lesley,
That depends on who is paying the superannuation amount.
If you are a wage earner and you are making an after tax contribution from your own money then no, you can't. This would need to be set-up as a salary sacrifice into super to be tax effective. If you are paying it from your business, you can claim a tax deduction for contributions but how much would depend on many other factors.
This is a specific question for your accountant before you make the payment.
Best of luck
Scott

Hi Lesley,

The rules Scott referred to were actually changed from 1 July 2017. As of this date anyone can make a tax deductible contribution to super regardless of if you are an employee or self employed.

Couple of things to be mindful of.

You can only make a total of $25,000 in tax deductible super contributions in an annual year. This is a combination of contributions made in your behalf by your employer and your own voluntary tax deductible contributions.

Age restrictions start to become an issue once you reach age 65.

Best you seek advice from a financial adviser or licensed accountant to make sure you tick all the right boxes and don't miss out on the tax deduction.

Reach out if you need any further assistance.

Regards
James