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Claiming tax deductions for your contributions

There are a number of conditions that you must meet in order to be eligible to claim a tax deduction for your personal contributions. Your eligibility can be affected by your age, sources of income and, from 1 July 2009, the level of any salary sacrifice and certain other employer contributions made for you. In addition, you must give a notice to the trustee of your fund within certain timeframes (explained below).

If you are eligible to make personal deductible contributions and you intend to claim some or all of your contributions as a tax deduction, you are required to notify us in an ATO approved format. You can do this by completing either a new application form (for initial contributions), the Additional Investment form (for an additional contribution via cheque) or a Deduction notice for personal contributions form (for all other personal contributions). Once you have submitted a completed notice, the applicable contributions tax will be deducted from your account and we will send you an acknowledgement of your notice.

All personal contributions made by direct debit, direct deposit and BPAY, will be processed initially as non-concessional contributions until you submit a completed deduction notice.

To claim a tax deduction, you must submit a deduction notice either when you make the contribution or before any of the following:

  • you lodge your income tax return (for the year in which the contribution was made)
  • the end of the financial year following that in which the contribution was made
  • you apply to split the contributions with your spouse (and we accept your application)
  • you commence a pension based in whole or part on the contribution or
  • you cease to be a member of the Fund.

You are unable to submit a deduction notice after any of the above events has occurred, if all or part of the contribution has been covered by an earlier notice or if the trustee of the Fund no longer holds the contribution. You may vary an earlier notice in certain circumstances but only so as to reduce the amount you intend to claim as a tax deduction (including to nil). In order to vary an earlier notice, you must also notify us in an ATO approved format (which you can do by using the Deduction notice for personal contributions form). It is important to note that we will generally be unable to accept a variation to an earlier notice after any of the above events has occurred or if the trustee no longer holds the contributions.

We suggest that you obtain professional tax advice if you are considering claiming a deduction for your contributions. Further details about the tax treatment of personal deductible contributions are available in the Taxation section.