Dear Sir/Madam
I put A$60,000 cash to my superannulation in Feb 2020. Of which A$25,000 was claimed as tax reduction in last financial year. Just wondering if I can continue to claim tax reduction for this and next financial years for the rest of amount, which is A$35,000.
Looking forward to your feedback soon!
Thank and regards!
Hi @qluo01
@Catsky has made a great point. Unfortunately, you can only claim a deduction in the year you incur the expense.
Because you've paid the $60,000 to your super fund in the 2020 financial year, you'd only be able to claim deductions related to the amount in the 2020 financial year.
And, while under carry-forward concessions, you may have been able to exceed the normal cap, because you have lodged your tax return, you cannot make changes to your intent to claim with your fund, either.
You can read about eligibility to claim a deduction for personal super contributions on our website.
https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Claiming-deductions-for-personal-super-contributions/ provides a detailed explanation of the process.
If you have made a voluntary non-concessional contribution into your superannuation account, you can only claim that amount as a tax deduction for the financial year in which the contribution was made. Amounts you contributed and did not claim as a tax deduction (or were not eligible to be claimed as a tax deduction based on your taxable income) do not carry over to the next financial year and are not eligible to be claimed in future as a personal deductible contribution.
As you contributed $60K in 2019-20 financial year and claimed $25K as a personal deductible contribution in 2019-20 - the difference ($35K) remains a non-concessional contribution which is not eligible to be claimed as a personal deductible contribution in future years.
Hi @qluo01
@Catsky has made a great point. Unfortunately, you can only claim a deduction in the year you incur the expense.
Because you've paid the $60,000 to your super fund in the 2020 financial year, you'd only be able to claim deductions related to the amount in the 2020 financial year.
And, while under carry-forward concessions, you may have been able to exceed the normal cap, because you have lodged your tax return, you cannot make changes to your intent to claim with your fund, either.
You can read about eligibility to claim a deduction for personal super contributions on our website.
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