Latest news
21 Mar 2023
Claiming Deductions for Personal Super Contributions
ATO Update: Claiming Deductions for Personal Super Contributions
Published: May 29, 2024
Print or Download
The Australian Taxation Office (ATO) has issued a crucial update for self-managed super fund (SMSF) members regarding the claiming of tax deductions for personal super contributions. SMSF members must have a written acknowledgment of their Notice of Intent before claiming a deduction for contributions.
Key Details:
Notice of Intent: To claim a tax deduction for personal super contributions, SMSF members must complete a "Notice of intent to claim or vary a deduction for personal super contributions."
Written Acknowledgment: Once the notice is received, the fund trustee must send a written acknowledgment confirming the receipt of a valid notice of intent to claim a deduction. Members must receive this acknowledgment before claiming the deduction on their tax return.
Important Considerations:
SMSF members planning to roll over or withdraw their super should ensure they have an acknowledged notice of intent before initiating the rollover or closing their account.
If a member submits their notice of intent after rolling over their super interest to another fund (closing their account) or withdrawing their super interest (paid out as a lump sum), the notice will not be valid. Consequently, the member will not be able to claim a deduction for contributions made before the rollover or withdrawal.
For more detailed information on the eligibility criteria for claiming personal super contribution deductions and to ensure you have a valid notice of intent, visit the ATO's website.
Stay Informed:
To keep up with the latest news and updates regarding SMSFs, visit the ATO’s SMSF newsroom and subscribe to the monthly SMSF newsletter.
Don’t Miss Out on Your Deductions: Make sure you complete and receive acknowledgment of your Notice of Intent before making any rollovers or withdrawals to claim your personal super contributions deduction successfully. Stay proactive and informed to maximize your tax benefits.