In preparation for ‘simpler super’ the commissioner has released a series of factsheets to help people understand what is fact or fiction when it comes to superannuation.
Transitional rules:
Myth
Until 30 June this year an individual can borrow $1 million to put into their super and claim the interest as a deduction.
Until 30 June this year an individual can borrow $1 million to put into their super and claim the interest as a deduction.
Fact
Interest is not deductible for individuals.
However, employers can continue to claim a deduction for interest on money they borrow to pay into super funds for their employees under the special business expense deduction rules.
Interest is not deductible for individuals.
However, employers can continue to claim a deduction for interest on money they borrow to pay into super funds for their employees under the special business expense deduction rules.
Tip
If you are considering borrowing money to put into your own super we suggest you seek financial advice.
If you are considering borrowing money to put into your own super we suggest you seek financial advice.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis
