Instructions for making and claiming a deduction for personal contributions made to your SMSF:
Provide the Notice to your personal tax accountant (or keep on file if lodging yourself).
Deposit into SMSF cash account
Please make sure any deposits are made before 30 June. This is especially important when 30 June falls on a weekend.
We recommend using the following transaction description:
"YOUR NAME CONCESSIONAL" or your initials + "CONC" or "CONCESSIONAL"
The idea is to ensure the deposit is easy for Grow's accounting team to identify.
Complete the Notice of Intent to Claim Form
Refer to the following video for detailed instructions:
Complete the Notice of Intent to Claim form via the Grow Portal under FORMS & LETTERS > CONTRIBUTIONS
Click NEW NOTICE OF INTENT and complete the relevant details:
It will take 2-3 minutes for your Notice of Intent PDF to generate. You will receive a notification when it is ready:
Provide the Notice to your personal tax accountant
You can then download the PDF for your records or to provide a copy to your personal tax accountant.
Key Information
You can generate a Notice of Intent for any member of your SMSF, not just yourself.
You only need one Notice of Intent per person per year, even if you've made multiple personal contribution deposits to your SMSF cash account.
The Notice of Intent can be modified and re-generated anytime before Grow commences work on your SMSF return for the year.
If you need to change the amount you're claiming as a tax deduction after Grow has completed your SMSF accounts (e.g. anytime after you've signed the SMSF accounts/return) a $450 amendment fee will apply.
A Notice of Intent to Claim is only required when claiming a tax deduction for personal contributions to your SMSF. It is unnecessary for non-concessional contributions, employer contributions, contributions made directly from a company/business entity or salary sacrifice amounts.
There is no requirement to send the Notice to Grow. We have access and a copy is always saved in our records.