Hello,
I have a question about the relationship between first home super saver scheme (FHSS), making voluntary super contributions and submitting a notice of intent to claim the super contributions as concessional and receiving a tax deduction.
Specifically my question relates to the timing of all these steps and claiming a deduction.
My funds page states to claim a deduction "the funds must still be your super account at the time of the (deduction) claim" and this is the bit that is confusing me, especially with respect to lodging my tax return.
I'm unsure if it means: The funds still need to be in the account when i lodge the notice of intent OR The funds still need to be in my account when i submit my tax return. I may withdraw them between these two steps.
I've illustrated it with an example below, the dates are fictional and just to show the rough time between these things, they may not be realistic.
- 10th June 2022 - Voluntary super contribution of $15,000 via BPAY from bank account.
- 12th June 2022 - Contribution received and processed by super fund. Appears in account transaction history.
- 14th June 2022 - Submit notice of intent (NOI) to claim tax deduction for personal super contribution
- 18th June 2022 - Super fund processes notices of intent, deducts 15% tax and marks contribution as concessional.
- 20 JULY 2022 - Withdraw FHSS super amount (i know there are many steps, condensed it down)
- 16 August - Submit tax return and claim deduction
My super funds website (and others) have said "the funds must still be your super account at the time of the (deduction) claim". Does this mean if i withdraw the amount before submitting my tax return i cannot receive the deduction? Even if it is after submitting my NOI to my fund?
Thank you for your kind help with this matter.
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