A deduction of $3000, plus 75% of contributions in excess of that amount, is allowed to people who are not in an employer-funded superannuation scheme, whether they are self-employed or working for an employer (1936 Act ss.82AAS, 82AAT). The deduction is limited to an age- related amount specified in s.82AAT. A person who intends to fund their retirement in this way should seek expert advice, since neither tax nor non-tax aspects of superannuation are simple.

Personal contributions

There is a rebate available for personal contributions to superannuation funds where the employer contribution per member is $1600 or less. This is available only to people whose annual income does not exceed $31,000 (s.159TA— 159TK).