Notice of intent to claim a tax deduction for super contributions

You may be able to claim a tax deduction for your personal super contributions. When you complete your tax return, the deduction reduces your taxable income and the amount of tax you need to pay.

How do I claim a tax deduction?

You will need to notify us of your intention to claim a tax deduction by completing the ‘Notice of intent to claim or vary a deduction for personal super contributions’ form and sending it to us at:

Local Government Super
PO Box N835
Grosvenor Place NSW 1220

You can also email your form to admin@lgsuper.com.au

You can make a personal super contribution via BPAY or EFT by the end of the financial year that you would like to claim the tax deduction for. There is an annual cap of $25,000 on concessional contributions each year.

After we receive the completed form and your contribution, we will send a confirmation letter to you.

When you lodge your tax return you can then claim the personal super contributions deduction.

Am I eligible to claim a tax deduction?

You are eligible to claim a tax deduction for your personal super contributions if:

  • you make your contribution to a complying super fund
  • you have notified us of the amount you intend to claim as a deduction
  • we have acknowledged your notice of intent to claim a deduction

There are also some age restrictions:

  • if you are 65 to 74, you must meet the work test requirements of working 40 hours in 30 consecutive days
  • if you are 75 or older, you can only claim for contributions you made before the 28th day of the month following the month in which you turned 75
  • if you are under 18 at the end of the income year in which you made the contribution, you can only claim for contributions if you also earned income as an employee or business operator during the year

Can I vary a tax deduction?

If you decide to change the amount you would like to claim, you will need to complete the ‘Notice of intent to claim or vary a deduction for personal super contributions’ form again and send it to us at:

Local Government Super
PO Box N835
Grosvenor Place NSW 1220

You can also email your form to admin@lgsuper.com.au

If you are increasing the amount, you need to lodge a second notice specifying the additional amount. For example, if you make an initial contribution of $10,000 and then want to contribute another $5,000 you will need to send the second notice with $5,000 as the amount. We will send a second confirmation letter to you.

If you are decreasing the amount, you will need to lodge a variation to your original notice of intent. For example, if you want to reduce your contribution of $10,000 to $5,000 then you will need to advise us that $5,000 is the amount you now wish to claim. We will send a new confirmation letter to you.

Need more information?

For information on how to complete the form please refer to the ATO website.

If you have any questions, please call us on 1300 LGSUPER (1300 547 873) between 8.30am and 5.00pm, Monday to Friday.

 

This has been issued by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558), as Trustee for Local Government Super (ABN 28 901 371 321). This document contains general advice only and is not a substitute for personal advice as it does not take into account any individual’s investment objectives, financial situation or particular needs. Accordingly, an individual should seek professional personal advice before making a financial decision.

The information on this website is of a general nature only and does not take into account your personal objectives, situation or needs. You should consider obtaining professional financial, taxation and or legal advice tailored to your personal circumstances prior to making any financial decision.