You may be able to claim a tax deduction for personal super contributions that you made to your super fund from your after-tax income, for example, from your bank account directly to your super fund.
People eligible to claim a deduction for personal contributions include people who get their income from:
- salary and wages
- a personal business (for example, people who are self-employed contractors, or freelancers)
- investments (including interest, dividends, rent and capital gains)
- government pensions or allowances
- partnership or trust distributions
- a foreign source.
If you are claiming a deduction for personal superannuation contributions you will need to:
- Give your super fund a valid “Notice of Intent” to claim the deduction
- Receive an acknowledgement of your “Notice of Intent” from your super fund
The law states that a Personal Super Contribution deduction can only be claimed where an individual has received an acknowledged Notice of Intent from their super fund before claiming the deduction in their income tax return. Super funds then report the ‘Notice of Intent’ acknowledgements to the ATO, usually within 10 days of processing.
This form is available from the ATO website at ato.gov.au/noticeofintent or your super fund may have their own form which you can use.
After 30 June 2021 your super fund may not be able to provide the acknowledgment to you, removing your entitlement to this deduction.