News & Tax Insights

FIFO workers now have superannuation opportunity

Blog Post
A big superannuation disadvantage existed for fly-in fly-out resources professionals working overseas for a foreign company.  The foreign company is not obliged and probably not able to make superannuation contributions and the professional was not able to make deductible personal contributions. The problem for an overseas FIFO professional was this: She is likely a resident of Australia for tax purposes The foreign employer can’t or won’t make superannuation contributions The mining professional would like to get tax deductions for personal contributions The requirement was, in effect, to be ‘self-employed’ and satisfy the 10% test That test requires less than 10%…

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