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I have some carry-forward concessional contributions available to me and my super balance is less than $500k. I am planning to utilise these this financial year. Is there anything I need to do other than make the additional contributions? Thanks.Do I need to notify the ATO or my super fund, or does this just get worked out at the end of the year by the ATO?
A: You don’t have to do anything per se, if the contributions are coming from your employer or salary sacrifice. If they are personal contributions that you intend to claim a tax deduction for, then you will need to lodge (before completing your tax return for that year) a ‘notice of intent to claim a personal super tax deduction’. You lodge this with your super fund (they have a form, or you can use the ATO form)..
Interestingly, the ATO can now tell you whether you have any carried forward concessional contributions – this is available in mygov in the ATO portal.
