We’ll shortly be getting in touch with clients who made a personal contribution to their super account during the 2019/20 financial year to remind them to return the deduction notice if they wish to claim a tax deduction.
The contribution summary isn’t a substitute for the annual statement. Annual statements for the 2019/20 financial year will be available online and mailed, where applicable, from September 2020 .
What do your clients need to do?
Option 1: if your clients don’t want to claim a deduction or change an existing deduction, they don’t need to do anything. However, they should keep the acknowledgement of the notice for taxation purposes.
Option 2: if your clients want to claim a tax deduction or amend the amount they intend to claim as a tax deduction, they need to complete the provided deduction notice form and return it to us before the earlier of lodging their 2019/20 income tax return and the end of the 2020/21 financial year.
As there are strict rules as to when a deduction notice can be provided and considered valid, it’s a good idea for your clients to get advice from a tax specialist.
PAYG payment summaries
We posted member’s PAYG payment summaries on 13 July. These were sent to any member who:
had a pension account during the 2019/20 FY and the account was still active as at 30 June 2020, and
was under age 60 at the time any pension payments were made, and
received pension payments with a taxable component
And for Term Allocated Pension (TAP) members, regardless of their age:
have a TAP commenced before 1 July 2017, and
the account was still active as at 30 June 2020
If you have any questions, please see Adviser Help Centre.