I am retired and in the 19/20 tax year I made a non concessional contribution of $100,000.
Later in the 19/20 tax year I (accidentally) made another non concessional contribution of $1,000.
This has triggered the bring forward rule, so I am limited to $199,000 non concessional contribution up until June 30 2022. (I have sold a property and wish to contribute $300,000 in August this year)
Can I claim the $1,000 contribution as a tax deduction this financial year and will this cancel the bring forward rule that was triggered? If so, can I then contribute $330,000 in the 21/22 year?
My total super balance is well under the contribution limits.
Many thanks.
From ATO:
You must give a notice of intent to claim or vary a deduction to your fund by the earlier of the:
- day you lodge your tax return for the year in which you made the contributions
- end of the income year following the one in which you made the contributions.
Your fund must send you a written acknowledgment, telling you they have received a valid notice from you. You must receive the acknowledgment from your fund before you claim the deduction on your tax return.
This means that you can claim a deduction on your 2020 tax return, but only if you have not lodged it yet.
You cannot claim a tax deduction in 2021 because it was not contributed in that year.
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