I’m 66 and fully retired. I reached my NCC a number of years ago. For a number of years I have make a personal contribution to my industry super fund accumulation account - this financial year $27,500. Each year I have completed an NOI converting my personal contribution to a CC and claimed a corresponding tax deduction.
Recently I withdrew most of my accumulation account balance to fund the purchase of a home and now realise I can only claim $70.40 of the $27,500 as a CC via an NOI. I have two questions.
One, I understand that $27,429.60 of my personal contribution will be treated as an excess NCC. How will this be recovered/withdrawn together with the associated tax liability from my accumulation fund given its balance is now only $6300 (approx) due to my recent withdrawal. Will the balance (excess over $6300) be recovered from my retirement/income fund which is not a defined benefit scheme?
Two, can I make a further personal contribution of $27,429.60 prior to 30/06/24 to my existing accumulation fund or an alternative accumulation fund and complete an NOI with respect to that further contribution to obtain a tax deduction for the current financial year?
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