How do I change an amount previously included on a valid notice of intent?
If you wish to increase the amount that you want to claim as a deduction, you can do so provided you are still within the time limits specified above for lodgment of the notice of intent. You do not do this by lodging a variation to the first notice of intent; you lodge a second notice of intent specifying the additional amount you wish to claim. At question 10, ‘Is this varying an earlier notice’ in section C, place an ‘X’ in the ‘No’ box.
Example – Increasing a personal super contributions deduction claim
John makes a contribution of $20,000 and lodges a notice with his super fund to claim a deduction for $15,000. Later (but within the set timeframes) he decides to increase his deduction to $18,000. John must send his super fund another notice, advising that he now also intends to claim $3,000 as a deduction. His super fund will now have two valid notices – one for $15,000 and one for $3,000. John should receive two acknowledgment notices from the fund.
End of exampleIf you wish to reduce the amount you intend to claim as a deduction, you will need to lodge a variation to your original notice of intent sent to your fund. The variation does not alter a previous notice; it is a new notice which replaces a previous valid notice and shows the amount of the contributions which you now want to claim as a tax deduction. At question 10 ‘Is this notice varying an earlier notice?’ in section C, place an ‘X’ in the ‘Yes’ box.
Example – Reducing the amount on a previous valid deduction notice
Sarah makes a contribution of $50,000 and lodges a notice with her fund to claim a deduction for $50,000. Later she decides to reduce her deduction to $30,000. She must send her fund another notice of intent to claim or vary a deduction for personal super contributions, advising that $30,000 is the amount she now intends to claim as a tax deduction. At the question ‘Is this notice varying an earlier notice?’ in section C, Sarah places an ‘X’ in the ‘Yes’ box.
End of exampleYou cannot vary a previous valid notice of intent if:
- your fund no longer holds the contribution stated in that previous valid notice that you intended to claim
- you are no longer a member of the fund (exceptions apply for successor fund transfers and MySuper transfers)
- the trustee has begun to pay an income stream based on all or part of the contribution stated in the previous valid notice that you intended to claim.
Variations applying to successor fund transfers or MySuper transfers only
You can vary a valid notice of intent in relation to a contribution made to the original fund by giving the variation notice to the new fund.
Example – Variation of a notice of intent where there has been a successor fund transfer
Mary makes a contribution to Fund A. As she satisfies all the deduction requirements, she advises Fund A that she wishes to claim a deduction for the contribution. The trustee acknowledges receipt of the notice. At a later date, Mary is advised that her entire superannuation interest has been transferred to Fund B. Mary wishes to vary the original notice of intent which she gave to Fund A. She can do this by giving the variation notice to Fund B.
End of example
Example – Variation of a notice of intent where there has been a MySuper transfer to a different fund
Claire makes a contribution to Fund A. As she satisfies all the deduction requirements she advises Fund A that she wishes to claim a deduction for the contribution. The trustee acknowledges receipt of the notice. At a later date, Fund A transfers all its 'default member' accounts, including Claire's, to a MySuper product in Fund B. Claire wishes to vary the original notice of intent which she gave to Fund A. She can do this by giving the variation notice to Fund B.
End of example