Claim it….
13th June 2018
Assuming you are eligible, would you like to claim a tax deduction on money you have contributed to superannuation this financial year?
To claim your contributions as a tax deduction, a valid “notice of intent” must be submitted to your superannuation fund advising of how much you would like to claim. If a notice of intent is not received by the fund, these contributions will be classified as a non-concessional and no tax deduction will apply.
The notice of intent can be lodged when the super contribution is first made. However, if this does not happen it must be supplied by the earlier of:
- The date your tax return is lodged for the year the contribution was made.
- The end of the financial year following the financial year in which the contribution was made.
Your super fund will not accept your notice of intent if:
- You exist the fund ort roll your funds out
- Contributions being claimed have been paid out as a lump sum or used to start a pension.
You should receive a confirmation form your superannuation fund advising they have received and recorded the notice of intent.
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