Declaring Superannuation Contributions On Your Return
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In some circumstances, superannuation contributions can be
claimed on your tax return if they are made to a super fund or retirement
savings account. However, these circumstances are limited and may require
professional advice to maximise the benefits. ·
The compulsory super guarantee (increasing to
11% on 1 July 2023) ·
Salary sacrificing super amounts ·
Reportable employer super contributions.
·
contributions made prior to 1 July 2017 if ·
they were made to a complying super fund or a
retirement savings account (we’ll refer to both as ‘your fund’) ·
your earnings as an employee were less than
the maximum allowed ·
for contributions made on or after 1 July
2017, you made the contributions to your fund that was not a ·
Commonwealth public sector super scheme in
which you have a defined benefit interest ·
Constitutionally protected fund (CPF) or
another untaxed fund that would not include your contribution in its
assessable income ·
super fund that notified us before the start
of the income year that they elected to either treat all member contributions
to the ·
super fund as non-deductible ·
defined benefit interest within the fund as
non-deductible ·
you meet the age restrictions ·
you have given your fund a Notice of intent
to claim or vary a deduction for personal contributions (NAT 71121) ·
your fund has validated your notice of intent
form and sent you an acknowledgment.
·
a rolled-over super benefit ·
a benefit transferred from a foreign super
fund ·
a directed termination payment paid into a super
plan by an employer under transitional arrangements that applied until 30
June 2012 ·
contributions paid by your employer from your
before-tax income (including the compulsory super guarantee and salary
sacrifice amounts) ·
First Home Super Saver (FHSS) amounts that
you have recontributed to your super fund(s) ·
contributions to
·
a Commonwealth public sector super scheme in
which you have a defined benefit interest ·
a super fund that would not include the
contribution in their assessable income, such as an untaxed fund or a
constitutionally protected fund (CPF) ·
other super funds or contributions specified
in the regulations ·
contributions made from 1 July 2018 to a
super fund that are identified as downsizer contributions ·
re-contribution of COVID-19 early release of
superannuation amounts.
·
you will exceed your contribution caps ·
Division 293 tax applies to you ·
you wish to split your contributions with
your spouse ·
it will affect your super co-contribution
eligibility.
·
day you lodge your tax return for the year in
which you made the contributions ·
end of the income year following the one in
which you made the contributions. |
Your fund must send you a written acknowledgment,
telling you they have received a valid notice from you. You must receive the
acknowledgment from your fund before you claim the deduction on your tax
return.
Maximising your superannuation’s potential could
start with boosting your savings with contributions. However, it is advisable
to seek professional advice or guidance before commencing, as failure to lodge
a notice of intent to claim or vary can become an issue.
Why not start a conversation with us to see how we
can assist?
Disclaimer for External Distribution Purposes:
The information contained in this publication is for general information purposes only, professional advice should be obtained before acting on any information contained herein. The receiver of this document accepts that this publication may only be distributed for the purposes previously stipulated and agreed upon at subscription. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.
