The most commonly overlooked requirement when claiming a deduction for personal contribution is the ‘notice requirements’. This has become a greater compliance issue for the Australian Taxation Office in recent years.

Per the Australian Taxation Office, a deduction claimed for a personal contribution without a Section 290-170 notice will be treated as a non-concessional contribution in the hands of the receiving fund.

A simple, but most commonly overlooked requirement that could save thousands in tax deduction. Surely worth the effort!