Making personal contributions to your super fund

If you are considering making additional contributions to your superannuation fund, retail or self managed, planning is required to ensure you are able to qualify for any applicable tax deductions and also so you don’t exceed any contributions cap and are therefore liable to additional tax.

Individuals are able to claim an income tax deduction on personal (or concessional) contributions to their superannuation fund of up to $25,000 per annum or $50,000 per annum for those who are 50 years or older and have less than $500,000 in super (limits for the 2009-10 financial year).

Recently the Australian Tax Office (ATO) has begun a process of data matching information provided by superannuation funds with personal income tax returns. This is to ensure that the amount contributed to the super fund is the same as the amount claimed in the personal tax return. If this amount has exceeded the threshold of $25,000, excess contributions tax will be applied.

The requirements for making claim on your contributions

In order to claim the tax deduction for your personal contribution to your superannuation fund you must provide ‘valid notice’ to the fund of your intentions. This notice is required by whichever comes first:

  • The time the member lodges their personal income tax return
  • The end of the financial year following the year the contribution was made.

There is no standard form on how you notify of your intention to claim a deduction for personal super contributions as long as you provide all the necessary information the ATO requires.  Alternatively, you can use the ATO standard approved form which can be downloaded from the ATO website.

Providing valid notice for Self Managed Superannuation Funds (SMSF)

For self managed superannuation fund (SMSF) trustees you will also need to complete an ‘acknowledgement’ of the valid notice you have completed.

This means you will need to keep records of the following information:

  • The date the original notice was completed
  • Any subsequent variations to the original notice
  • Your SMSF member details
  • The total amount of personal contributions that the original notice covers and, of those contributions
  • The amount you intend to claim as a deduction
  • Either the dates the contributions were made or the income year they were made.

If you would like further information on what’s involved in making personal superannuation contributions, contact us.


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Azure Group
Azure Group

Azure Group is the leading Chartered Accounting, Business Advisory and Strategic Advisory firm supporting the growth & success of fast growing entrepreneurial businesses.

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