Who should complete the Notice of Intent?
The Notice of Intent should be completed by individuals who:
- Intend to claim a tax deduction for their personal super contributions.
- Want to modify a previously submitted valid Notice of Intent to their super fund.
It's important to understand that the personal contributions claimed as a tax deduction are considered concessional contributions. When deciding whether to claim a deduction for super contributions, several factors should be considered, including:
- Whether you will exceed your contribution caps.
- The applicability of Division 293 tax.
- Your intention to split contributions with your spouse.
- How it may impact your eligibility for the super co-contribution.
When should the Notice of Intent be completed?
Your super fund may request this information as part of another form. However, if they don't explicitly ask for it, you should use the Notice of Intent to inform them of your intent to claim a deduction. The Notice of Intent must be provided to your super fund on or before the earliest of the following days:
- The day you lodge your tax return for the relevant year in which the contributions were made.
- The last day of the income year following the one in which you made the contributions.
It's possible to apply for a variation to a previously valid Notice of Intent in the following cases:
- If you haven't lodged your tax return yet, and it is on or before June 30th of the financial year following the one in which you made the contribution.
- If your claim for a deduction has been disallowed, and you wish to reduce the claimed deduction by the disallowed amount.
Am I eligible for a deduction?
To be eligible to claim a deduction, you must satisfy certain conditions. For contributions made on or after July 1, 2017, you are eligible to claim a deduction if:
- You made personal contributions to a complying super fund or an RSA that is not a non-deductible fund.
- You meet the age-related conditions.
- You have provided your super fund with a valid Notice of Intent, specifying the intended deduction amount, using the approved form and within the specified time limits mentioned above.
- Your super fund has acknowledged receipt of your Notice of Intent to claim a deduction.
Please note the following:
- You cannot claim a deduction for recontributed First Home Super Saver (FHSS) amounts or contributions made from July 1, 2018, to a superannuation fund that are identified as downsizer contributions.
- The condition regarding earnings as an employee has been removed as of July 1, 2017.
- If you are a member of a non-deductible super fund and wish to claim a deduction, you may choose to make a personal super contribution to another eligible super fund.