Claiming tax deductions for super contributions

Do you make personal superannuation contributions and want to claim them as a tax deduction?

Following the close of the 2017 financial year, it is important to ensure that if you wish to claim a tax deduction for personal superannuation contributions made in the 2017 financial year, you lodge a Notice of Intent to Claim Tax Deduction form with the relevant superannuation fund/s prior to the earlier of:

– 30 June 2018; or

– the date you lodge your tax return for the 2017 financial year.

Your accountant should be checking with you to confirm that you have received a written acknowledgment from the trustee of your superannuation fund (and have sighted the fund’s acknowledgment letter) prior to lodging your tax return. If you do not have this confirmation (within the relevant timeframe), you will not be able to legally claim the tax deduction.

Please let us know if you require any assistance in relation to this, however the relevant forms can be downloaded from the Australian Taxation office website or from your superannuation fund’s website.

More information

For more information on superannuation and retirement planning, please contact Fionne McKillop at McKillop Financial Planning on (02) 9542 2904 or email fionne@mckillopfp.com.au

DISCLAIMER

Content contained in this document is general information only and is not advice, financial planning, legal or otherwise.

This document was prepared by Integrated Planning Systems Pty Limited ABN 21 051 429 184 trading as McKillop Financial Planning, an Authorised Representative of GWM Adviser Services Limited ABN 96 002 071 749 trading as MLC Financial Planning, Australian Financial Services Licensee, 105 – 153 Miller St, North Sydney NSW 2060, a member of the National Australia Bank Group of companies. The information is current as at 1 August 2017.

The article does not take into account your personal objectives, financial situation or needs. Accordingly, you should consider how appropriate the information is to you with regard to your personal circumstances. You may wish to obtain an adviser’s assistance, tax and/or legal advice to make this assessment. Before buying any financial product, you should read the Product Disclosure Statement (PDS) for that product and consider the contents of the PDS before making a decision about whether to acquire the product.

Opinions constitute our judgment at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia Group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility of errors or omissions for this document.

Fionne McKillop is a director of McKillop Legal Pty Ltd and as a result, will receive distributions and/or other benefits from McKillop Legal.

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