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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 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 and within certain time frames (explained below).

If you are eligible and intend to claim a deduction for some or all of your personal contributions, 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 personal contributions made by other means). Once you have submitted a completed notice and subject to us being able to accept your notice under tax law, 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 before:

  • you lodge your income tax return (for the year in which the contribution was made), and
  • the end of the financial year following that in which the contribution was made.

In addition, a deduction notice for personal contributions will be invalid and will not be able to be accepted by us if:

  • all or part of the contribution has been covered by an earlier notice
  • at the time you submit the notice, you have ceased to be a member of the Fund
  • at the time you submit the notice, we no longer hold the contributions (including where you have withdrawn or rolled over from your account after making the contributions)
  • at the time you submit the notice, you have commenced a pension based in whole or part on the contributions (including where you have partially transferred your account balance to a pension account after making the contributions), or
  • you have applied to split the contributions with your spouse (and we have accepted your application).

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 a variation must generally be lodged within the same time frames as a deduction notice itself and we will be unable to accept a variation to an earlier notice in any of the above circumstances.

Please note, you must have sufficient available cash to allow us to process a tax deduction.

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