Don’t Forget Your Notice Of Intent For Personal Super Contributions!

As we head into tax return season, we’d like to remind clients who have made personal (after-tax) super contributions there is an important step to complete if you intend to claim a tax deduction.

Before we can claim the deduction in your income tax return, your super fund must receive and acknowledge a Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions.

This is commonly relevant for sole traders, but it can also apply to employees and other individuals who make personal super contributions during the year.

The Notice of Intent generally needs to be lodged with your super fund before you lodge your income tax return, or by 30 June of the following financial year (whichever comes first). Leaving it until after your tax return has been lodged may affect your ability to claim the deduction.

It’s also important to note that certain events, such as rolling your super into another fund, commencing an income stream or withdrawing the relevant contribution before lodging the notice, may affect your eligibility to claim the deduction.

If you’ve made personal super contributions during the year, please let us know before we finalise your tax return so we can ensure the necessary documentation has been completed.

If you have questions about super contributions, contribution limits or whether claiming a deduction is appropriate for your circumstances, we recommend contacting your super fund or a licensed financial adviser.

Author

Naomi Aspromourgos