If you wish to claim a tax deduction for your personal super contributions, you must first complete a notice of intent to claim deduction in the approved form Deduction for personal super contributions (NAT 71121) and give it to your super fund.
The notice must state:
- the amount of contributions you wish to claim as a tax deduction
- that the amount covered by the notice has not been covered by an earlier notice.
You can only claim a deduction if you have for the income year in which you made the contribution:
- lodged a notice of intent to claim a deduction with your fund or RSA in the approved form, and
- received an acknowledgment from your fund or RSA advising of the amount allowed for deduction.
You can only claim up to the amount listed in the notice that you provided to your super fund or RSA.
There is no limit to how much you can contribute and claim as a deduction each income year. However, any amount you contribute and claim as a deduction will count towards your excess contributions caps. This may mean you have to pay more tax.
For the 2009-10 income year and all future years, your reportable super contributions will affect the income tests for some tax offsets, deductions, concessions, the Medicare levy surcharge, and certain government benefits and obligations.
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Ensure you claim your deduction at the correct income tax label:
- Deductions for your own personal super contributions should only be claimed at the supplementary 'Personal superannuation contributions' label.
- Deductions for contributions you make on behalf of eligible employees or their dependants should be claimed at the business and professional items expense 'Superannuation expenses' label.
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Failure to claim your super deductions at the correct label may result in:
- an incorrect super co-contribution determination or excess contributions tax assessment
- an additional tax liability
- the imposition of a tax shortfall penalty.
What can't I claim?
You can't claim the following contributions as tax deductions:
- rolled-over super benefits
- a benefit transferred from a foreign super fund
- a directed termination payment paid into a super plan by an employer under transitional arrangements that apply until 30 June 2012.
When do I claim?
You must lodge a notice of intent to claim a deduction with your super fund or RSA before whichever of the following occurs first:
- the day you lodge your income tax return for the year the contributions were made
- the end of the income year after the income year in which you made the contributions.
Last Modified: Friday, 10 June 2011