You’ve made a personal super contribution this financial year. You’re expecting a decent tax deduction. You’ve done the right thing… right?
Not so fast.
Every year, business owners miss out on thousands in tax deductions because they fail to meet a simple – but crucial – requirement: lodging a valid deduction notice with their super fund.
It sounds like a minor admin task. But if you get it wrong, the ATO won’t allow your deduction. And there are no second chances.
Let’s break down what you need to know – and why now is the time to act.
The Golden Rule: No Notice, No Deduction
If you’re claiming a tax deduction on a personal super contribution, you must:
- Send a deduction notice to your super fund in the ATO-approved format.
- Receive written confirmation back from the fund before you lodge your tax return.
Miss either of these steps, and you’ve lost the deduction – no matter how much you contributed or how good your intentions were.
And no – the ATO cannot extend the deadline if you’re late. Not even if your accountant asks nicely.
Common Mistakes That Cost Business Owners Big
We’ve seen this go wrong for too many clients before they started working with us. Here are the most common traps:
- Lodging the deduction notice late (after your tax return or after 30 June, whichever is earlier).
- Sending the notice before you actually make the contribution. Yes, that invalidates it.
- Failing to get written confirmation from your super fund – and lodging your return anyway.
- Starting a pension or rolling over funds before you submit the notice. That wipes the deduction too.
Even if you’re the trustee of your SMSF, you’re not exempt. The rules still apply – and they’re strictly enforced.
The Catch-Up Opportunity
Planning to max out your concessional contributions using the catch-up rules? You can include those extra amounts in your deduction notice – but only if you get the process right. Don’t wing it.
The Deadline Is Looming
If you’ve made a personal super contribution this year and want to claim a deduction, time is running out to:
- Check your contribution date
- Submit the deduction notice correctly
- Get confirmation from your fund
- Lodge your return with everything squared away
What to Do Now
At Trinity Advisory, we help our clients avoid nasty EOFY surprises – like lost deductions that could’ve been prevented with one form.
Before 30 June, book a quick Super Contribution Review with your advisor. We’ll help you:
- Confirm your eligibility
- Check your contribution caps
- Lodge your notice correctly and on time
Don’t leave money on the table. One form could mean thousands back in your pocket.
Not sure if you’re claiming everything you’re entitled to?
Before 30 June, let’s make sure no opportunities are slipping through the cracks.
Reach out to the Trinity team — we’ll help you finish the year strong and set up for growth.
