Intention to claim a tax deduction – Shape Advisory Newsletter – July 2024

Welcome to our July 2024 newsletter. This month we are looking into intentions to claim a tax deduction for super contributions.

You may be able to claim a tax deduction on your 2024 financial year tax return for personal (after-tax) super contributions you’ve made by 30 June 2024. Check your  eligibility here.

 

Timing is key

You must give a “Notice of intent to claim a deduction” form to your Super Fund before lodging your tax return for the 2024 financial year (or before starting your pension phase or rolling over to another fund).

  • Step 1: Complete the Notice of intent to claim or vary a deduction for personal super contributions (NAT 71121) form. This tells your super fund the amount you want to claim.
  • Step 2: Send the form to your Super Fund. You must provide a notice of intent to each super fund if you made contributions to more than one fund.
  • Step 3: Your fund must send you a written acknowledgment, telling you they have received a valid notice from you. You must receive the acknowledgment from your fund before you claim the deduction on your tax return (or start the pension phase, rollover to another fund or withdraw from your fund).
  • Step 4: Submit your tax return. You’ll need to state the amount you want to claim as a tax deduction in the supplementary section of your tax return. Please make your accountant aware of these deductions you’re claiming as they can also check the status of the contributions on their Tax Agents’ Portal with the ATO.

 

We’re here to help

We are aware of a number of clients that have made contributions this year, we will be sending forms out to you by Wednesday, 10 July 2024 to help you complete this process.

 

If you have any questions about making personal super contributions or filling out your form, we’re here to help. You can call us on 07 5406 0340 or email us on hello@shapeadvisory.com.au .

 

Warm regards,
Peter Carey and the team at Shape Advisory

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