What is a Notice of Intent to Claim a Tax Deduction for Super?
If you make personal super contributions to your super fund, you may be able to claim a tax deduction for them. This means you can reduce your taxable income and pay less tax. But how do you claim a tax deduction for your super contributions? In this blog, we will explain what a notice of intent to claim a tax deduction for super is and when you need it.
What is a notice of intent to claim a tax deduction for super?
A notice of intent to claim a tax deduction for super is a form or letter that you give to your super fund to let them know that you intend to claim a tax deduction for some or all of your personal super contributions. You need to give this notice before you lodge your tax return or start an income stream with your super.
Your super fund will then acknowledge your notice and confirm the amount that you can claim as a tax deduction. This amount will be treated as concessional contributions and will be subject to 15% tax in your super fund. It will also count towards your concessional contributions cap, which is $27,500 for 2023.
When do you need a notice of intent to claim a tax deduction for super?
You need to give a notice of intent to claim a tax deduction for super if you meet all of the following conditions:
- You made personal super contributions to your super fund after 1 July 2017.
- You are eligible to claim a tax deduction for your personal super contributions. This means you are either self-employed, not employed, or employed but not entitled to employer support for super (such as salary sacrifice or employer contributions).
- You have not already claimed a tax deduction for the same contributions.
- You have not started an income stream or withdrawn or rolled over your super before giving the notice.
You also need to give the notice by the earlier of:
- The day you lodge your tax return for the year in which you made the contributions.
- The end of the financial year after the year in which you made the contributions.
How we can help
If you need help with claiming a tax deduction for your personal super contributions or understanding your super obligations, we can help. At GoTax, we offer online tax services for individuals and businesses. We can help you prepare and lodge your tax return quickly and easily, and maximise your refund or minimise your liability. We can also advise you on deductions, offsets and other tax matters.