Personal Superannuation Deductions

During the financial year, if you have made personal superannuation contributions that you wish to claim as a tax deduction, the ATO have made it a requirement since 2018 financial year that you will need to notify your super fund at the end of the financial year.

A happy couple discussing over paperwork and a laptop.

They will send you a ‘notice of intent to claim superannuation deduction’ form via email if not available on their website. You need to fill in this form and send it back to them. They will send a letter to the ATO so your deduction will be allowed on your tax return. If you do not do this the ATO will deny your claim for a superannuation deduction on your tax return as they will have no record of it.

This is very IMPORTANT!

If you decide to roll over from one fund to another it is imperative that you notify the old fund that you wish to claim a tax deduction prior to rolling over the funds so the letter can be issued first.  If you do not do this you cannot request the form once the account has been closed and you will lose the tax deduction and the contribution will just become a non-tax-deductible contribution (non-concessional) within your new fund.