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Wilson416(Newbie)Newbie
28 May 2024

I have heard that if I withdraw my super fund, for example through transition to retirement (TTR), and contribute it back to my super fund, I can claim tax deduction on this.


For example, I change my super to TTR and then withdraw $15,000. After that I contribute $15,000 into super as personal concessional contribution. In this case, I can save tax up to $5,175 in my personal tax return, assuming Im at 32.5% + 2% medicare levy bracket.


In this situation, is it legit?

8,087 views
5 replies
8,087 views
5 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
28 May 2024

In this situation, is it legit?


Yes


Advice about whether you should make contributions or not, or start pensions, or stop pensions, can only be provided by a licensed (AFSL) adviser.


All replies

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
28 May 2024

In this situation, is it legit?


Yes


Advice about whether you should make contributions or not, or start pensions, or stop pensions, can only be provided by a licensed (AFSL) adviser.


Wilson416(Newbie)Newbie
28 May 2024

Thanks Bruce. How about ATO view on that? Do we have any ATO member can provide some guidance on this?

Marcii(Newbie)Newbie
11 June 2024

@AnitaATO

Hi Anita, does this change things if the Income Stream is not a TTR? What about a 65 year old who is still working. Can they draw from their ABP and make a Personal Concessional contribution.

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Can I withdraw my super and recontribute back to super and claim tax deduction? | ATO Community