Q: I want to make a tax-deductible super contribution to my SMSF. I am trying to find the official form for claiming this type of deduction. Could you lead me to a link where I could find a generic S290-170 notice of intent to deduct?
Answer: You can download the ‘Notice of intent to claim or vary a deduction for personal contributions’ and form instructions from the Australian Tax Office (ATO) website. Click on the ATO links below to access the form, and for more information:
- Notice of intent to claim or vary a deduction for personal super contributions (and instructions)
- Claiming deductions for personal super contributions
For non-SMSF readers: Your super fund may have its own branded version of this form, which is still considered suitable by the ATO. You can verify with your super fund that the form they provide you to use, for claiming a tax deduction for your super contributions, contains all the information, and the declaration required, to make it a valid notice. If the form you sign does not contain all the information in the standard ‘Notice to intent’ (NAT 71121), then it is not an ‘approved form’ as required by section 290-170 of the Income Tax Assessment Act 1997.
Background information: If you wish to claim a tax deduction for a super contribution, you must notify your super fund in writing. If you belong to a SMSF, as both a trustee and member of a SMSF, you have to formally notify yourself of the intention to claim a deduction. In theory, the trustee (you) isn’t aware of your intention to claim a tax deduction for your contributions until you inform the trustee.
You must lodge a ‘Notice of intent to claim a tax deduction for super contributions or vary a previous notice’ (section 290-170 notice) with your SMSF. You must receive acknowledgment of receipt of the notice from your SMSF (you), before you lodge your individual income tax return. The trustee (you) then uses the notice to determine the treatment of the contributions for benefit component purposes, and to report the nature of the contributions in the SMSF’s annual return.