DEDUCTION OF SUPER CONTRIBUTIONS - ENSURE PAPERWORK VALID

The Tax Office has reminded self-managed super fund (SMSF) members that if they intend to claim a tax deduction for their personal superannuation contributions, they must complete the correct form — that is, the ‘Notice of intent to claim or vary a deduction for personal super contributions’ form. In addition, SMSF members must also receive an ‘acknowledgment’ from the fund of the valid notice they have completed.

TIP: The Tax Office in its compliance program for 2010-11 noted that it will look closely at individual income tax deduction claims for personal contributions to superannuation funds. In particular, the Tax Office said it will ensure that the requirements for lodging a valid notice of intent to claim or vary a deduction for personal superannuation contributions have been met.