You must give a notice of intent to claim a deduction to your super fund on or before whichever of the following days occurs earliest, either:
- the day you lodge your tax return for the year in which the contributions were made
- the last day of the income year after the income year in which you made the contributions.
Eligibility Criteria
You are eligible to claim a deduction if:
- you made personal contributions to a complying super fund
- you have given your super fund a valid Notice of intent to claim a tax deduction form (NAT 71121) advising the amount you intend to claim as a deduction, in the approved form, and within the timeframes explained above
- your super fund has acknowledged receipt of your Notice of intent to claim a deduction.
Note that you cannot claim a deduction for:
- First Home Super Saver (FHSS) amounts that you have recontributed to your super fund
- contributions that are identified as downsizer contributions.
A notice of intent is only valid if:
- you are still a member of that super fund
- the trustee still holds the contribution (special rules apply for voluntary rollovers, and situations where there has been a successor fund transfer or a MySuper transfer)
- the notice of intent doesn't include all or a part of an amount covered by a previous notice
- the trustee has not begun to pay a super income stream based in whole or in part on the contribution
- you haven't lodged an application to split the contribution for which you intend to claim a deduction (even if the application hasn't been dealt with by the fund)
- the contributions included in the notice of intent have not been released from the fund you are giving the notice to under the FHSS scheme
- it does not include all or part of a FHSS amount that you recontributed to your fund.
When deciding whether to claim a deduction for super contributions, you should consider the super impacts that may arise from this, including whether:
- you will exceed your contribution cap
- Division 293 tax applies to you
- you wish to split your contributions with your spouse
- it will affect your Government super co-contribution eligibility.
If you exceed your cap, you will have to pay extra tax and any excess concessional contributions will count towards your non-concessional contributions cap.
For more information refer to ato.gov.au or talk to your accountant or tax adviser.
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