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Is margaret eligible to claim a tax deduction

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Question - Margaret runs a business as a rock band promoter. During the 2019/20 income year, she earned $200000 assessable income from her business. She also worked as an employee for another rock band promoter where she earned $10500 for the year before tax. She contributed $40000 to her superannuation fund and her total superannuation balance on 30 June 2019 was $1.3 million. Is Margaret eligible to claim a tax deduction for her personal superannuation contributions and if so, how much can she claim? Give reasons to support your answer.

Reference no: EM133006184

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