ATO Super Warning – Claim Your $30,000 Deduction Before It’s Too Late!

As the end of the financial year approaches, the Australian Taxation Office (ATO) has issued a strong reminder: you may be about to miss out on claiming up to $30,000 in tax deductions if you don’t take swift action.

With a strict June 30 deadline looming, Australians who made voluntary superannuation contributions during the last financial year must submit a Notice of Intent (NOI) to ensure their contributions are recognised for concessional tax treatment.

Why the Urgency?

Voluntary super contributions are tax-deductible, providing a major financial incentive for Australians to boost their retirement savings.

But the deduction isn’t automatic—you must submit an NOI to the ATO to formally notify your intent to claim. Failure to do so means missing out on a potential tax break worth thousands.

Financial advisor Nicole Gardner explains, many Australians believe transferring a lump sum into their super fund is sufficient.

However, “you actually need to lodge the form” for the ATO to apply the concessional 15% tax rate instead of your marginal rate, which can be up to 47%.

Important Deadlines to Know

Those who made voluntary contributions in the 2023–24 financial year have until June 30, 2025, to lodge the form. But if the contribution was made in the 2022–23 financial year, the final deadline is June 30, 2024—just weeks away.

What Is the NOI Form and How to Submit It?

The Notice of Intent to Claim a Tax Deduction is a document you must lodge with your super fund before you can claim a tax deduction on your personal contributions. To complete the form, you’ll need:

Tax File Number
Personal and super fund details
Date and amount of contributions

Once submitted and acknowledged by your fund, you can claim the tax deduction in your individual tax return.

How Much Can You Deduct?

The annual cap for concessional contributions (including employer contributions and salary sacrifice) is $30,000 for 2024–25. Here’s a breakdown:

Detail	Amount
Employer Super Contribution (on $100,000 salary)	$11,500
Maximum Additional Voluntary Contribution	$18,500
Total Deductible Contribution Cap	$30,000
Tax Rate on Super Contributions	15% (vs up to 47%)

Real Impact of Missing the NOI Deadline

Let’s say you’re aged 55–59 and made a $5,027 voluntary contribution. If you’re on the highest marginal tax rate and fail to submit the NOI, you lose out on a $1,608 tax break. That’s money straight out of your pocket due to a missing form.

Who Typically Misses This Step?

Gardner highlights that the most common mistake comes from individuals who manually transfer a lump sum into their super rather than coordinating through an accountant or advisor. The ATO can confuse personal contributions with employer contributions, so the NOI is vital for clarification.

Alternative Contribution Methods

If you prefer a hands-off approach, salary sacrifice arrangements let you contribute to super directly from your pre-tax income—no form required. You can also make contributions for spouse, parents, or other family members, keeping in mind the total $30,000 cap.

Considerations Before Contributing

While the tax savings can be significant, Gardner warns it’s not always the best route. For lower-income earners earning under $45,000, the difference between your income tax rate (16%) and the super tax rate (15%) is minimal.

Also, super funds lock in your money until retirement, so weigh other goals like home savings or debt repayment.

If you made voluntary super contributions last financial year and haven’t lodged your Notice of Intent, time is running out. You could miss a valuable tax deduction of up to $30,000. Submitting the form is simple, and the benefits are substantial—don’t leave money on the table.

FAQs

What is the deadline to lodge the Notice of Intent form for 2022–23 contributions?

The deadline is June 30, 2024. After that, you will not be able to claim a tax deduction.

What is the concessional contributions cap for 2024–25?

The cap is $30,000, which includes employer and voluntary contributions.

Can I skip the NOI form if I use salary sacrifice?

Yes, salary sacrifice contributions are pre-tax and automatically receive concessional treatment, so no form is needed.