If you’re one of the many Australians looking to give your superannuation a healthy boost before the end of the financial year, there’s a crucial step you can’t afford to miss—and it could mean the difference between a tidy tax refund and a missed opportunity worth thousands.
With the June 30 deadline fast approaching, the Australian Taxation Office (ATO) is reminding everyone making voluntary super contributions: it’s not enough to simply transfer the money into your super fund.
You must also submit a Notice of Intent to Claim (NOI) form to claim your contribution as a tax deduction. Forget this step, and you could be waving goodbye to a significant tax break.
Why voluntary super contributions are so popular
For many, topping up superannuation is a smart way to grow your retirement savings while enjoying a tax deduction.
The appeal is clear: voluntary (or ‘concessional’) contributions are taxed at just 15 per cent inside your super fund, compared to your marginal tax rate, which could be as high as 47 per cent. That’s a potential tax saving of thousands of dollars each year.
According to recent figures, Australians aged 55 to 59 make an average voluntary super contribution of $5,027 per year.
If you’re in this age bracket and on the top tax rate, failing to lodge the NOI form could cost you a whopping $1,608 in lost tax benefits for just one year’s contribution.
The step too many people miss
Financial advisor Nicole Gardner warns that too many Aussies make the contribution and assume the job’s done.
‘Sometimes they put the lump sum contribution in and they think, “Oh, yep, I’ve done the right thing there. I’ve got the tax back”. But you actually need to lodge the form,’ she said.
The NOI form is what tells the ATO to treat your contribution as if it came from your pre-tax income.
Without it, your payment is considered a non-concessional (after-tax) contribution, and you miss out on the deduction.
How and when to lodge the NOI form
Filling out the NOI is straightforward. You’ll need your Tax File Number, personal details, and your super fund information.
Most super funds allow you to submit the form online, but you can also download it from the ATO website.
Here’s the key: if you make a voluntary contribution before June 30, you have until the end of the next financial year (mid-2026) to lodge the NOI.
However, if you made a contribution last financial year and haven’t yet submitted the form, you only have until June 30 this year to do so. Miss that window, and the deduction is lost forever.
Who’s most at risk of missing out?
Gardner says the most common mistake is made by people who transfer a lump sum from their bank account directly to their super fund, rather than arranging it through their accountant or adviser.
The ATO can’t always tell the difference between a personal and employer contribution, so the NOI form is essential to clear up any confusion.
Salary sacrifice: An easier alternative
If you want to avoid the paperwork, consider salary sacrificing. This arrangement lets your employer deduct extra super contributions from your pre-tax salary, so you don’t need to submit an NOI form at all. It’s a set-and-forget way to boost your super and reduce your taxable income.
Contribution caps and carry-forward rules
Remember, there’s an annual cap of $30,000 for concessional contributions, which includes both your employer’s payments and any voluntary top-ups.
For example, if you earn $100,000, your employer will contribute $11,500 in 2024-25, leaving you room to add up to $18,500 yourself.
If you haven’t used your full cap in previous years, you may be able to carry forward unused amounts, allowing you to make larger contributions in future years.
This can be a powerful strategy for those who’ve had interrupted work or lower contributions in the past.
Is Super always the best place for your extra cash?
While the tax benefits are attractive, super isn’t always the right home for your spare dollars. ‘It really depends on what your other goals are because the money’s locked away once you put it in there,’ Gardner cautions.
For those earning less than $45,000 a year, the tax saving is minimal—just 1 per cent—so it may not be worth it.
As always, it’s wise to seek professional financial advice before making big decisions about your retirement savings.
Don’t let your hard-earned money slip away
With the end of the financial year looming, now’s the time to double-check your super contributions and paperwork.
A few minutes spent lodging the NOI form could mean a much healthier tax refund—and a bigger nest egg for your retirement.
Have you made voluntary super contributions this year? Did you know about the NOI form? Share your experiences, tips, or questions in the comments below—your story could help others avoid a costly mistake!
Also read: Understanding super contributions and capital gains tax before EOFY
