Who should complete this election?
You, or your legal personal representative, should complete this form if you:
- have received an eligible personal injury payment, and
- want to contribute all or part of that payment to super without it counting towards your non-concessional contributions cap.
Eligible personal injury payments are either of the following:
- a payment made under a written settlement agreement regarding a claim for damages for personal injury or a court order for such a claim
- a workers compensation payment taken as a lump sum.
To exclude your contribution from the non-concessional contributions cap, you must:
- send this form to your super fund before or when you make the contribution
- make your contribution within 90 days of whichever of the following events occurs last
- the day you received the personal injury payment
- the day an agreement for settlement of a personal injury payment was entered into
- the day on which a court order for the personal injury payment was made.
When must the election be completed?
This election must be made and given to your super fund when or before you make the contribution to which it applies.
An election made after the contribution it refers to has been made is not valid. Your contribution will not be excluded from the non-concessional contributions cap. Your super fund will not be permitted to report to the ATO that a valid election was made. It will report the entire contribution as a personal contribution for the year.
You may have to pay extra tax on personal super contributions which are not covered by this election. For more information about contributions, see ato.gov.au/supercaps
What effect will making a valid election have?
Your fund reports your contributions annually to the ATO and will report contributions covered by this election too. However, it must advise the ATO of this election so that the ATO can exclude your contributions from the non-concessional contributions cap.
You don't have to make this election if you are confident that, even with the contribution included, you will not exceed your non-concessional contributions cap. However you should be very sure of this, as you will not be able to make the election later if your circumstances change.
Your contribution is a personal contribution and, if you're eligible, making the election won't stop you getting a co-contribution.
In this publication when we refer to a super fund we mean a complying:
Last modified: 01 Mar 2016QC 19583
- superannuation fund, including a self-managed super fund
- retirement savings account
- approved deposit fund.