How do I submit a notice of intent to claim my personal contribution as a tax deduction?
You may be able to claim a tax deduction for any personal super contributions that you’ve made from your after-tax income (known as non-concessional contributions).
Download the Notice of intent to claim or vary a deduction for personal super contributions form from the ATO site. (You may see this referred to as a N71121 form). You can find the ATO’s instructions on filing a notice of intent to claim here.
The form will ask for some personal details, like our fund details, your member number with Future Super, and the amount you wish to claim. A few things to note:
Fund name: Future Super Fund
ABN: 45 960 194 277
USI: 45 960 194 277 010
You can complete your form digitally, but we require a wet signature (physically signed with a pen). You are not required to provide us with your TFN - we already have this on file from when you joined. We cannot accept forms that contain duplicate signatures, crossed out sections, or sections concealed with whiteout or tape. If you’ve made a correction on your form, please make sure the correction is clear, then initial and date next to any changes
Submit your form to us! You can email a scan or photos of your completed form via email to firstname.lastname@example.org
Alternatively, you can post the form to: Future Super GPO Box 2754 Brisbane QLD 4001
When you submit a notice of intent to claim, a concessional tax of 15% will be applied to the contribution amount you’re claiming. (This will only occur if a contributions tax has not previously been withheld). The personal contribution amount to be claimed as a tax deduction will then become a concessional contribution and will count towards your concessional contributions cap ($27,500 for the current financial year).
If you claim a tax deduction when completing your tax return, this may lower your taxable income – so depending on your income tax bracket, you could pay less tax. For people in several income brackets, 15% is lower than their marginal tax rates - you can see more on tax rates at the ATO. Not everyone is eligible to make a tax deduction - the eligibility criteria and more information are listed here. If you’re not sure whether claiming personal contributions as a tax deduction suits your circumstances, we recommend you seek personal financial advice.
If you need to vary your notice later, you can do so provided you haven’t filed your tax return for the financial year in which you have made your contributions. You can submit a variation to an earlier notice if you’d like to claim less than you originally nominated - if you’d like to claim more, you can simply submit as a new notice of intent to claim with updated totals. You can see our guide here on how to vary an early notice.