I am 71, self employed, still working. My TSB is 1.2M in three retail funds. No pension accounts.
Account A 200K Account B 300K Account C 700K.
If I made a 30K concessional contribution to fund A and received confirmation of notice to claim a deduction, then made a 120K withdrawal from fund C with the intent of recontribution this financial year. Is the above allowed under current legislation, and will the full 30K deduction be allowed?
I would make an appointment with the financial advisor of one of your super funds (the first appointment is usually free and should cover off on this). But in the meanwhile yes, that should be possible provided that you don't have other concessional super contributions (from your work? Or are you self employed?). Also, why no accounts in pension mode? You may be paying tax unnecessarily unless there is a good reason for it? Also, you may want to get the financial advisor of the super fund to develop a full withdrawl and recontribution strategy for you based on your super funds and whether the money in each of them was concessional or non-concessional contributions .
I would make an appointment with the financial advisor of one of your super funds (the first appointment is usually free and should cover off on this). But in the meanwhile yes, that should be possible provided that you don't have other concessional super contributions (from your work? Or are you self employed?). Also, why no accounts in pension mode? You may be paying tax unnecessarily unless there is a good reason for it? Also, you may want to get the financial advisor of the super fund to develop a full withdrawl and recontribution strategy for you based on your super funds and whether the money in each of them was concessional or non-concessional contributions .
TaxTalk1234, thank you for your reply.
I did try the "free" advice provided by both Mercer and Aware, both seemed little more than conduits to their paid advisors and did not answer the question asked here.
Yes, self employed and no other concessional contributions this FY.
No pension accounts as still earning from employment and have no need for pension funds.
My untaxed element of my TSB is about 1.5%
I am aware of the tax advantages of funds in pension phase but would need to re-invest the 5% drawdown outside of super.
The 120K re-contribution is for this financial year. Using the bring forward rule, I believe 390K can be withdrawn and re-contributed next FY.
Hi @Jacky54,
I thought I’d add some info and links into the conversation.
Based on what you’ve shared, making a $30K personal concessional contribution and lodging a valid notice of intent (NOI) to claim a deduction should be accepted, as you'd meet the age requirement and are self‑employed. This is also provided you remain within the concessional contributions cap for the Financial Year (FY).
The subsequent $120K withdrawal from another fund shouldn’t affect that concessional contribution.
A few things to consider:
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