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Claiming a Tax Deduction

Who can claim – key conditions for a tax deduction

To be eligible to claim a tax deduction you need to;

  • Have made a personal contribution during a financial year.
  • Satisfy the maximum earnings as an employee condition
  • Meet the age related requirements
  • Notify the Fund by completing the appropriate notice
  • Have received confirmation from the Fund your notice was accepted

Maximum Earnings

To fulfil the ‘maximum earnings' condition for the financial year as an employee you must earn less than 10% of your total income from your employment activities. 

Total income is made up of any assessable income, reportable fringe benefits, and total reportable employer super contributions (including salary sacrifice contributions) for the financial year.

 

Age Requirements

You satisfy the age-related requirements:

  • You are between 18 and 75 years of age.
  • If you turn 75 during the financial year your personal contribution can only be accepted up to 28 days after the month of your 75th birthday.
  • If you are under age 18 at the end of the financial year you may still be eligible for a tax deduction if you have earned income as an employee or business operator during the period in which you claim the deduction.

 

Notice to Super Fund of Deduction

Your notice to the Fund must be submitted on the approved form before the earlier of;

  • Any withdrawal or transfer of funds from your Cbus account or lodgement of a contribution splitting application;
  • The day you lodge your income tax return with the Australian Taxation Office for the financial year in which the contribution was made;
  • The end of the financial year following that in which the contributions were made.

Click here to download the approved notice from the ATO website, or look for the NAT 71121 form on the ATO website.

You may also complete the form if you have already lodged a notice with Cbus and wish to reduce the amount stated in the earlier notice.  Once lodged your notice cannot be revoked or withdrawn.

 

Fund Confirmation

When the Fund has validated your notice you will receive written confirmation that your tax deduction has been accepted.  You must have received this notice from the Trustee before you can claim a tax deduction.  We recommend you provide this to your tax adviser or accountant or on request by the Australian Taxation Office.  

When you claim a tax deduction for your personal contributions they are no longer eligible for assessment to the Government co-contribution.  The amount you claim will also be taxed by the Fund at a rate of 15%.

For more information about eligibility and claiming a tax deduction refer to the ATO website.