Am I eligible to claim a tax deduction?
You are eligible to claim a tax deduction if:
- you have made personal contributions into your Netwealth superannuation account for the relevant financial year
- you are 75 years old or older, you can only claim a deduction for contributions you made before the 28th day of the month following your 75th birthday
- you are under 18 years old at the end of the income year in which you made the contribution, you can only claim a deduction for your personal super contributions if you also earned income as an employee or business operator during the year
- you have given your valid Tax Deduction Notice to Netwealth Superannuation Master Fund
- Netwealth has acknowledged and agreed to the amount you intend to claim as a deduction
You are unable to claim a tax deduction on the below contributions:
- personal contributions made by you to your spouse's account
- personal contributions made by your spouse into your account
- contributions that have since been withdrawn or used to commence a superannuation income stream
- super you transfer from one fund to another (including an overseas super fund)
- 'downsizer' contributions
- contributions for which you requested the release of under the First Home Super Saver (FHSS) Scheme
- recontributed FHSS Scheme contributions
- contributions subject to a contribution-splitting application
For additional information on claiming tax deductions on personal super contributions, you may also refer to the ATO website.
Can I claim a tax deduction online?
Yes, tax deductions can be processed online or by completing a form.
- Online: To process the tax deduction online, log in to your Netwealth online account and navigate using the main menu to Transactions > Deposit & Contribute > Tax Deduction Claim. Complete the required information, including the financial year that you are claiming for (the current or previous year).
If you are claiming a tax deduction on unused contributions from prior financial years:
Please complete the 'ATO Notice of intent to claim a tax deduction form' and submit it to Netwealth.
To be eligible to claim on unused contributions, an individual’s total superannuation balance must not have exceeded $500,000 as at 30 June of the prior financial year, and the amount being claimed must fall within the individual’s unused concessional contribution cap.
For example, a client seeking to claim on unused contributions in the 2019/20 financial year must have had a total superannuation balance of less than $500,000 as at 30 June 2019.
We confirm enhancements are planned for the ‘tax deduction claim’ so that in future tax deductions on unused contributions can be claimed online.
- 'Notice of intent to claim a tax deduction for super contributions’ ATO form - This form can be submitted to claim a tax deduction on non-concessional contributions made in the previous or current financial year. This form can be found here. Once the form has been completed it can be emailed to us at email@example.com.
You should consider any contributions (and tax deduction claims) you have made to other superannuation funds.
Regulations allow eligible persons to claim a tax deduction on the unused portion of their concessional contribution cap since 1 July 2018. Eligibility is based on your contributions from prior years and your total superannuation balance as recorded by the Australian Taxation Office. To check your eligibility to claim on your unused contribution cap:
*log into your MyGov account
*speak to a financial adviser or,
*seek personal taxation advice
Lastly, when lodging a claim, please ensure that you have available cash within your Netwealth account to enable a deduction to be processed.