Hello, I lodged a NOI for a super contribution and lodged my return. I since realised that the contribution is not eligble as this was a rollover and not a contribution.
What is the best way to correct this?
1 - Vary the NOI to nil
2 - once accepted by fund amend tax return?
Appreciate the help
Has the ATO disallowed the deduction? You will need to wait until they notify you.
Under Declaration on the NOI form (for a variation) it states
" I have not yet lodged my income tax return for the relevant year and this variation notice is being lodged on or before 30 June in the financial year following the year in which the personal contributions were made, or
the ATO has disallowed my claim for a deduction for the relevant year and this notice reduces the amount stated in my previous valid notice by the amount that has been disallowed. I declare that the information given on this notice is correct"
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