Claims for Personal Super Contributions can be disallowed

 You’ve made personal super contributions to your super fund and you want to get a tax deduction for it. To do so, you need to have your super contributions acknowledged by your fund. If not, the deduction may not be allowed and you may have an “excessive contributions” tax liability.

If you are contributing to public or industry-based funds then they will issue you with one of their own branded forms. 

The concern however is with Self Managed Superannuation Funds (SMSF) where you and your fellow fund members are managing the operations of the fund yourself.  The completion of the form is a requirement that could be easily overlooked, with expensive consequences.  One simply way to receive this acknowledgement is to fill out the ATO’s Notice of intent to claim or vary a deduction for personal super contributions form (NAT 71121) and give it to the trustee of your SMSF.

If you would like additional information on this requirements and what might happen if you fail to make this notification, then give either Noel or Amanda a ring on 03 9585 7555 orcontact usby email.

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