CLAIMING A TAX DEDUCTION FOR SUPER CONTRIBUTIONS?

You will be eligible to do so if you earn less than 10% of your combined assessable income and reportable fringe benefits from eligible employment (i.e. you are primarily self-employed).

If you intend to claim a tax deduction for your personal contributions, or want to vary a previous notice of intent you gave to us, you need to complete and lodge with us the approved form "Notice of intent to claim or vary a deduction for personal super contributions".

Please note the following important points before you complete this form:

  • You must lodge this notice before both of the following dates:
    • The day that you have lodged your income tax return for the year you intend to claim the tax deduction
    • The end of the income year immediately following the year in which the contribution was made.
  • You must receive an acknowledgement from the Trustee of Westscheme before you lodge your income tax return for the year you are claiming a deduction.
  • Once you have lodged your income tax return for the year you are claiming a deduction, you cannot apply to vary the amount you are claiming as a tax deduction.
  • Personal superannuation contributions for which a deduction is claimed by you will form part of the assessable income of the fund and will be taxed at the rate 15% in the superannuation fund. Therefore, if you intend to transfer these contributions to a pension account with Westscheme to commence a pension, or to split or rollover the contributions to another super account, please be aware that 15% of the total amount claimed by you needs to be withheld from your original super account.
  • The concessional contribution annual cap* applies to the amount of personal contributions you can claim. If your claim causes you to exceed this contribution cap, you may have to pay more tax.
    *From 1 July 2007, concessional contributions made to super will be subject to an annual cap of $50,000 pa or, if you are aged 50 or over, $100,000 pa between 1 July 2007 and 30 June 2012. If the cap is exceeded, excess contributions will be taxed at 31.5%, in addition to a contributions tax of 15%.
  • If you intend to split contributions made in the relevant year with your spouse and to also claim a tax deduction for your super contributions then you need to provide the notice of intent to claim a tax deduction to Westscheme before you lodge your contribution splitting application.
  • There are age restrictions for claiming a tax deduction and if you are 75 or over, you can only claim a deduction for contributions made before the 28th day of the month following the month in which you attained age 75.
  • The completion of this form may affect your eligibility for a super co-contribution payment.