Paul Simmons carries on a sports retail business selling mostly sporting goods and accessories. Paul paid $47,000 for each of his employees Raquel (21 years old) and Tony (42 years old) into a complying superannuation fund on 10 June 2020.
What tax deduction can Paul claim for the contributions made on behalf of his employees for the year ended 30 June 2020?

Question

Quizplus · Accepted Answer

Paul can claim a tax deduction for the full amount contributed to the superannuation fund for his employees, which totals $94,000 ($47,000 for Raquel + $47,000 for Tony).

Paul Simmons Carries on a Sports Retail Business Selling Mostly