A Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions is a form that is submitted to the Australian Taxation Office (ATO) in order to claim or vary an existing deduction for personal super contributions. This form is used by individuals to make a claim for a self-employed Superannuation Guarantee (SG) contribution deduction from their assessable income.
Notice of Intent
The Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions is a form that must be completed by individuals who wish to make a claim for a self-employed Superannuation Guarantee (SG) contribution deduction from their assessable income. This form can be obtained from the ATO website or from a registered tax agent.
The form must be completed in full and include the individual’s name and tax file number, the amount of the contribution they are claiming, the type of contribution (i.e. concessional or non-concessional) and the financial year in which the contribution was made. The individual must also declare that they have not claimed or will not be claiming a deduction for superannuation contributions for the same financial year.
Claim or Vary Deduction for Personal Super Contributions
Once the Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions has been completed, it must be mailed or sent electronically to the ATO. The ATO will then assess the claim and determine whether or not the individual is entitled to a deduction for the contribution.
If the ATO approves the claim, the individual will receive a Notice of Assessment which will detail the amount of the deduction and the financial year in which it was claimed. If the claim is rejected, the individual will receive a Notice of Rejection which will explain the reasons for the rejection.
Once a Notice of Assessment has been received, the individual can then lodge their tax return and claim the deduction for their personal super contribution.
The Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions is an important form for individuals to complete if they wish to make a claim for a self-employed Superannuation Guarantee (SG) contribution deduction from their assessable income. It is important to ensure that the form is completed accurately and in full, and that the ATO is notified of any changes in circumstances that may affect the claim. Ultimately, it is the ATO’s decision as to whether or not a deduction is allowed.
Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions
The purpose of this Notice is to provide guidance for individuals who are claiming or varying an amount for their Personal Superannuation Contributions (PSC) deductions.
If you plan to claim an amount for a deduction for your PSCs, or if you would like to vary an amount previously claimed, you need to notify the Australian Taxation Office (ATO).
To claim a deduction for a PSC, you must have contributed to a complying super fund or a retirement savings account held by a registered life insurance company. The contributions must go towards building up your superannuation savings.
You have up to 12 months after the end of the financial year to make the claim. The time limit is set out in the Superannuation Industry (Supervision) Regulations 1994.
To vary an amount under Section 290-170 of the Income Tax Assessment Act 1997, a written notice needs to be sent. The amount of the deduction must be specified.
You must also include supporting evidence of your contribution with your notice. This can include bank statements or receipts from your super fund.
If you are claiming an PSC deduction, you must also complete and lodge a Tax File Declaration form with the ATO. This form is available on the ATO website.
If you do not meet the requirements, the ATO may refuse to accept your notice of intent to claim or vary a deduction for your PSCs.
If the ATO does not accept your notice, you may have to lodge an amended tax return or face penalties for late notification.
If you have any questions about submitting a Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions, please call our office on 1800 000 0000.