Fillable Form 1: How to claim a tax deduction (Australian National University)

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Form 1: How to claim a tax deduction (Australian National University)

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How to claim a tax deduction on
personal contributions to super
1469.6 05-21 ISS2
* Limits for the financial year ending 30 June 2021 (from 1 July 2021 these will increase to $27,500 for before-tax and $110,000 for after-tax contributions. Visit ato.gov.au to check
the current limits).
#
Example is for illustration purposes only, assuming a personal income tax rate of 32.5%.
In 2021 Saeed was employed as a full-time concreter, and earned $50,000 (before tax).
He made an after-tax contribution of $5,000 to his super, and decides to claim a tax deduction on the full amount.
No tax deduction claimed Tax deduction claimed
$50,000
taxable income
& $5,000
after-tax personal super
contributions
$45,000
taxable income
& $4,250
†
before-tax personal super
contributions
$6,717
income tax payable
$5,092
income tax payable
Saeed’s taxable income drops to $45,000, and the income tax he has to pay drops too.
†
The personal contribution to his super is now taxed at 15%, and counts towards his before-tax contribution cap.
If you make a personal (after-tax) contribution to your super, you may be able to apply to claim
a tax deduction on some, or all, of these amounts, which could reduce the amount of tax you
pay for the year.
How to apply to claim a tax deduction
1
At the end of the nancial
year, complete this form and
send it back to Cbus.
2
We’ll write back to you
conrming the eligible
amount.
3
Use this information
to lodge your income
tax return.
You can also use this form if you need to change an earlier application:
■
If you want to increase the amount you’re claiming, you can send us another completed form using step 3. You should only include the
additional amount you’re claiming on the updated form.
■
If you need to reduce the amount you’re claiming, or you no longer want to claim, just wait until we’ve sent you a response to your rst
application, then send us an updated form using step 4.
If you prefer you can submit your claim using the ATO Notice of intent to claim or vary a tax deduction form available at ato.gov.au instead.
You don't need to complete both forms, either one is ne.
When to apply
You can claim a tax deduction provided you complete this form and receive a written response from us by the earlier of either:
■
the day you lodge your tax return for the year in which you made the contributions
■
the end of the income year following the one in which you made the contributions.
Claiming a tax deduction will aect your contribution limits
There are limits on how much money you can receive into your super account each year:
■
up to $25,000 for before-tax contributions, and
■
up to $100,000 for after-tax contributions*.
If you decide to claim a tax deduction on an after-tax personal contribution, this amount will then become a before-tax personal contribution
(and will be taxed at a rate of at least 15%). The amount you claim will reduce your taxable income for the year.
How it works
#
:
* Limits for the financial year ending 30 June 2021 (from 1 July 2021 the before-tax limit will increase to $27,500. Visit ato.gov.au to check the current limits).
#
Example is for illustration purposes only, assuming a personal income tax rate of 32.5%.
This information is about Cbus and doesn’t take into account your specific needs. You should look at your own financial position, objectives and requirements before making any
financial decisions. Read the relevant Cbus Product Disclosure Statement to decide if Cbus is right for you. Call 1300 361 784 or visit cbussuper.com.au for a copy. Also read the
relevant Target Market Determination at cbussuper.com.au/tmd (available from 5 October 2021).
Cbus’ Trustee is United Super Pty Ltd. ABN 46 006 261 623 AFSL 233792 Cbus ABN 75 493 363 262
1469.6 05-21 ISS2
Other things you should know about claiming a tax deduction
Are you aged 67 to 74?
Once you reach age 67 (or 65 for nancial years ending 30 June 2020 and earlier) there may be restrictions on the after-tax contributions you
can make to your super. The rules are slightly dierent if you’ve recently retired. You can check your eligibility at cbussuper.com.au/boostsuper
or call us for help.
There is a limit on the amount you can claim
You can't claim a tax deduction for an amount more than your before-tax limit. The before-tax limit is $25,000* for all before-tax contributions,
including employer payments and salary sacrice. If you don't use your full annual cap, you may be able to carry forward the leftover amount
to the next nancial year, for up to 5 years in total. Read our Making extra contributions fact sheet or visit ato.gov.au for more information as
conditions apply.
How it works
#
:
If you withdraw funds
Since you made the after-tax contribution, if you have:
■
made a cash withdrawal
■
opened an income stream account
■
rolled over to another fund
■
contributed to your partner/spouse’s super account
make sure you contact us before you ll in the form to check
how much you may be able to claim.
If you’re a high income earner
If your total income for the year, including any before-tax super
contributions you make or receive, is more than $250,000* Division
293 tax applies.
This is an additional tax, on top of the standard 15% tax that is
generally paid on before-tax super contributions.
So if claiming a tax deduction on personal contributions pushes
you above $250,000, you may have to pay Division 293 tax.
In 2021 Ami was employed as a full-time architect, and earned $100,000 (before tax). She received $9,500 into her super from her
employer, and also made an after-tax personal contribution of $20,000.
If she tries to claim the full $20,000, she will be over the $25,000 limit for before-tax super contributions. She would like to claim as
much as she can as a tax deduction.
$25,000
(before-tax cap)
- $9,500
(employer contribution)
= $15,500
(is the most that Ami can claim as a tax deduction)
No tax deduction claimed Tax deduction claimed
$100,000
taxable income
& $20,000
after-tax personal super
contributions
$84,500
taxable income
&
$13,175
†
before-tax personal super
contributions
$4,500
after-tax personal super
contributions
$22,967
income tax payable
$17,929
income tax payable
Ami’s taxable income drops to $84,500, and the income tax she has to pay drops too.
†
The $15,500 contribution to her super is now taxed at 15%, and counts towards her before-tax contribution cap.
Cbus can help you work out what’s right for you.
You should think carefully about the contributions you make each year to see what's best for you. Tax rules are
complex and can vary based on your personal circumstances, so it's important you're familiar with the rules
that apply. For example, tax penalties may apply if you exceed your contribution limits. Cbus Advice Services
can help you to understand your options – call 1300 361 784 (press 4).
For more information on contribution limits, claiming a tax deduction and eligibility requirements, visit
cbussuper.com.au/super/making-super-contributions or ato.gov.au/super.
Claim a tax deduction for personal contributions to super
¡
Complete all relevant sections of the form.
¡
Call us on 1300 361 784 if you need help completing this form.
Please use black or blue pen and CAPITAL letters. Use an X in boxes where required.
Step 1: Provide your personal details
Cbus member number Title
Mr
Mrs
Miss
Ms
Other
Date of birth Gender
D
D
/
M
M
/
Y
Y
Y
Y
Male
Female
Given name(s)
Family name
Home phone Mobile
(
)
Email address (providing your email means you give permission for Cbus to use it)
Residential address (compulsory)
Street number Street name
Suburb/town State Postcode
Postal address (complete if different from your residential address)
Street number Street name
Suburb/town State Postcode
Step 2: Notice of intent to claim a tax deduction
NOTE: The amount you claim as a tax deduction will be added to your before-tax contributions, which includes employer and salary sacrifice
contributions. If the total amount of your before-tax contributions exceeds $25,000 you may have to pay extra tax. If you’re unsure if claiming
a tax deduction will put you over this amount, just give us a call.
¡
If you have not previously submitted a notice to Cbus:
Go to step 3
¡
If you have previously submitted a notice to Cbus, but you want to claim for an additional amount:
Go to step 3
You should only include the extra amount in Step 3 of this notice.
¡
If you have previously submitted a notice to Cbus, but you want to reduce or cancel the amount you intend to claim:
Go to step 4
Step 3: Original notice of intent to claim a tax deduction
For the financial year ending
30 June
/
2
0
Y
Y
My personal contributions to Cbus in the above financial year were
$
, , .
The amount of these personal contributions I’ll be claiming as a tax deduction are
$
, , .
Go to step 5
Step 4: Notice of a variation to a previous notice of intent to claim a tax deduction
NOTE: You should only complete this step if you have previously submitted an original notice of intent to claim a tax deduction to Cbus, you have
received a response from us, and you need to REDUCE the amount you would like to claim. If you no longer intend to claim you should complete
this section by putting the amount you would now like to claim as $0,000,000.00.
For the financial year ending
30 June
/
2
0
Y
Y
My personal contributions to Cbus in the above financial year were
$
, , .
The amount of these personal contributions I previously claimed as a tax deduction was
$
, , .
The amount of these personal contributions I would now like to claim as a tax deduction is
$
, , .
Go to step 5
Cbus’ Trustee is United Super Pty Ltd. ABN 46 006 261 623 AFSL 233792 Cbus ABN 75 493 363 262 Page 1 of 2 1469.6 05-21 ISS2 Continues next page
Step 5: Member declaration
Please read the information below carefully before you sign the declaration. If you provide false or misleading information, or fail to take
reasonable care, the ATO may impose an administrative penalty.
I declare that at the time of lodging this notice:
¡
I intend to claim the personal contributions stated as a tax deduction
¡
I am a current member of Cbus
¡
Cbus currently holds these contributions and has not begun to pay a super income stream based in whole or part on these contributions
¡
the information I’ve given in this notice is correct and complete.
For an original notice of intent to claim a tax deduction
¡
I have not included any of the contributions in an earlier valid notice.
¡
I declare that I am lodging this notice at the earlier of either:
- the day that I lodged my income tax return for the same financial
year in which the personal contributions were made, or
- before the end of the following financial year in which the
contribution was made.
For a notice of a variation to a previous notice of intent to claim a
tax deduction
¡
I declare that I wish to vary my previous valid notice for these
contributions by reducing the amount I advised in my previous notice
and I conrm that either:
- I have lodged my income tax return for the year in which the
contribution was made, prior to the end of the following income
year, and this variation notice is being lodged before the end of the
day on which the return was lodged, or
- I have not yet lodged my income tax return for the relevant year
and this variation notice is being lodged on or before 30 June in the
financial year following the year in which the personal contributions
were made, or
- the ATO has declined my claim for a deduction for the relevant year
and this notice reduces the amount stated in my previous valid
notice by the amount that has been rejected.
Please refer to the Cbus Privacy Policy and Personal Information Collection Statement at cbussuper.com.au/privacy for details about how
Cbus collects and discloses personal information or call 1300 361 784 for a copy.
Sign here:
Date
D
D
/
M
M
/
2
0
Y
Y
Step 6: Send the completed form to: Cbus, Locked Bag 5056 Parramatta NSW 2124
Next steps
Send this completed form back to Cbus
We’ll send you a response once we receive it
You can then complete your income tax return
You may need Cbus’ details for your income tax return:
Name:
Australian business number (ABN):
Unique Superannuation Identifier (USI):
Cbus
75 493 363 262
CBU0100AU
Cbus’ Trustee is United Super Pty Ltd. ABN 46 006 261 623 AFSL 233792 Cbus ABN 75 493 363 262 Page 2 of 2 1469.6 05-21 ISS2
cbusenq@cbussuper.com.au
cbussuper.com.au
Cbus
Locked Bag 5056
PARRAMATTA NSW 2124
1300 361 784
8am to 8pm (AEST/AEDT)
Monday to Friday
Visit Cbus in person in Adelaide,
Brisbane, Melbourne, Perth and Sydney.
Details: cbussuper.com.au/contact
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Completed 20 June 2021

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