Do you make personal superannuation contributions and want to claim them as a tax deduction?
As we draw to 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 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.
Tax deductions for contributions made in the 2017 financial year must be the subject of a notice of intent to claim lodged and acknowledged by the trustee by the earlier of 30 June 2018 and the date you lodge your tax return for the 2017 financial year.
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.
For more information on superannuation and retirement planning, please contact Fionne McKillop at McKillop Financial Planning on (02) 9542 2904 or email email@example.com
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 5 June 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.
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