Tax deductions for personal superannuation contributions

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

As we enter the 2017 financial year, it is important to ensure that if you wish to claim a tax deduction for the 2016 financial year, you do so prior to the earlier of:

– 30 June 2017; or

– the date you lodge your tax return for the 2016 financial year.

To ensure that this is completed within the above timeframes, the Notice of Intent to Claim Tax Deduction form must be completed and sent to the relevant superannuation fund/s as soon as possible.

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.

Also, if you cease to be a member of the fund, the fund ceases to hold all of the contributions (like there being a partial withdrawal, a spouse contribution split or an income stream commences), then this can affect the deductibility and timing for lodging the notice of intent.

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

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