Taxpayers that today marks the final opportunity to submit Notice of Intent to Claim (NOI) forms for voluntary superannuation contributions made during the 2023-24 financial year. This deadline is a deciding factor for claiming tax deductions on personal superannuation contributions up to the $27,500 concessional contribution cap.
Failure to submit your NOI by June 30 will provoke permanent loss of tax deduction benefits for last year’s voluntary contributions. The ATO processes these forms establish proper tax treatment, distinguishing between employer and personal contributions for accurate assessment.
Official Report Index
Understanding the Notice of Intent to Claim Process
The NOI functions as a formal notification to the ATO that you intend to claim a tax deduction for personal superannuation contributions. This legal requirement applies to all voluntary contributions made outside of salary sacrifice arrangements.
When you submit an NOI, your personal contributions receive concessional tax treatment at 15% within the superannuation fund, rather than being taxed at your marginal income tax rate. The difference between these rates determines your tax saving.
The form requires basic information including your Tax File Number, superannuation fund details, and contribution amounts. Processing typically takes 2-3 business days, though the ATO recommends submitting well before deadlines to avoid complications.
💡 Your Potential Tax Savings
Financial Impact of NOI Compliance
The tax benefits of submitting an NOI vary substantially based on your income level. For taxpayers in the $120,001-$180,000 bracket, a $10,000 voluntary contribution with proper NOI submission generates approximately $2,700 in tax savings compared to no deduction.
Higher income earners face greater consequences for non-compliance. Those earning above $180,000 annually could forfeit $3,200 in tax benefits for every $10,000 in voluntary contributions without proper NOI documentation.
Average voluntary superannuation contributions for Australians aged 55-59 reached $5,027 in 2023-24. For this demographic in the highest tax bracket, failing to lodge NOI forms represents a potential $1,608 annual tax deduction loss.
ACCI Guidance for Businesses and Individuals
ACCI recommends that businesses implement systematic processes to support employee superannuation compliance. This includes providing clear information about NOI requirements and maintaining documentation of all contribution arrangements.
Employers should distinguish between salary sacrifice arrangements, which do not require NOI submissions, and voluntary contributions made by employees outside of payroll systems. Regular communication about these differences helps prevent costly compliance errors.
Professional advice remains essential for complex situations involving multiple contribution types, carry-forward provisions, or high-value contributions approaching the annual cap. ACCI members can access specialized resources through our business advisory services.
| Scenario | NOI Required | Deadline | Tax Treatment |
|---|---|---|---|
| 2023-24 Personal Contributions | Yes | June 30, 2024 | 15% if NOI submitted |
| 2024-25 Personal Contributions | Yes | June 30, 2025 | 15% if NOI submitted |
| Salary Sacrifice | No | N/A | Automatic 15% |
| Missed NOI Deadline | N/A | Expired | Marginal tax rate |
The $30,000 concessional contribution cap for 2024-25 represents a $2,500 increase from the previous year's $27,500 limit. This expansion provides additional opportunities for tax-effective retirement savings, particularly for high-income earners seeking to maximize their superannuation benefits.
Businesses should review their payroll systems to ensure accurate tracking of all contribution types and maintain clear records for ATO reporting purposes. This documentation becomes essential during compliance audits and helps resolve any discrepancies in contribution classifications.
Immediate Action Required
If you made voluntary superannuation contributions during 2023-24 and have not submitted your NOI form, you must act before the end of business today to preserve your tax deduction entitlements.
Contact your superannuation fund immediately to obtain and submit the required NOI documentation.
Frequently Asked Questions
What happens if I miss the June 30 NOI deadline?
Missing the NOI deadline means your voluntary contributions will be treated as non-concessional contributions, taxed at your marginal income tax rate instead of the concessional 15% rate. This results in permanently losing the tax deduction benefit for those contributions.
Do I need to submit an NOI for salary sacrifice contributions?
No, salary sacrifice contributions automatically receive concessional tax treatment and do not require NOI submission. These arrangements are processed through your employer's payroll system and are already treated as pre-tax contributions.
How much can I contribute to superannuation as concessional contributions?
The concessional contribution cap for 2023-24 was $27,500, increasing to $30,000 for 2024-25. This includes both employer contributions and voluntary contributions with valid NOI forms. Exceeding this cap may result in additional tax obligations.
Can I use unused concessional contribution caps from previous years?
Yes, you can carry forward unused concessional contribution caps for up to five years, provided your total superannuation balance was below $500,000 at the end of the previous financial year. This allows you to make larger contributions in future years while maintaining concessional tax treatment.
Where can I find the NOI form and how do I submit it?
Contact your superannuation fund directly to obtain the NOI form. Most funds provide online submission options through their member portals. The form requires your Tax File Number, fund details, and contribution amounts. Submit the completed form to your fund, not directly to the ATO.
For immediate assistance with NOI submissions or superannuation compliance matters, ACCI members can access our dedicated business advisory services. Contact your fund administrator today to ensure proper documentation of all voluntary contributions made during the 2023-24 financial year.
