Switching super funds, and extra payments during the year
I always make extra payments throughout the year, then inform my super company to confirm the amount extra I paid is eligible for concessional rate ("Notice of intent to claim"), before doing my tax return. If I were to switch super funds now and close my current super fund account, would the extra payments I've made during 2022 tax year be visible to the new super fund, so they can confirm the amount, and I can claim the concessional rate for the contributions on my tax return? Or will those contributions during the year be invisible to the new super fund? Would I have to send the notice to the old super fund? My old fund is forcing me into a new account type if I stay with them, so even sending the form to them might be difficult if I keep the account open so I can send notice of intent, but they switch me to a new account type.
Posted May 9, 2022, 4:58 AM UTC
You need to send a "notice of intent to claim" to your existing super fund and confirm that they have received and processed it before you trigger a rollover. If you rollover funds without having the notice of intent to claim applied you will not be able to claim contributions made to the old super fund as a tax deduction.
So I'm going to have to hold the account open until next financial year for however long they take to respond to the notice of intent (always pretty slow), what a pain. I was hoping to switch away asap as their performance is less than stellar.
Provided you have finished making contributions this financial year, you can submit your notice of intent to claim now. There is no legal requirement to wait till the end of the financial year.
Oh, good to know, thanks! Now I can get started on my tax returns sooner, too!