I’m a sole trader who makes monthly personal super contributions to my “Fund A” super account. For the past few years I’ve submitted a NOI before I submit my tax return to claim these as a tax deduction. No dramas.
I am now considering changing my Life and TPD insurance to “Insurance Fund B”, and paying my premiums by an annual rollover from my “Fund A” account to “Insurance Fund B” (NB my current Life and TPD is paid outside Super). I plan to submit an additional contribution to my “Fund A” account to cover the premiums.
I know I need to submit a NOI BEFORE the rollover to claim any personal contributions that occurred before the rollover. My question is, can I then submit a second NOI at the end of the year to claim any personal contributions paid AFTER the rollover?
For example, say I pay $1000 on the 15th of each month as my “Fund A” personal super contribution (so $12000 total, paid in monthly installments). In July 2024 I also pay a separate, additional $1000 to cover my “Insurance Fund B” insurance premiums. I submit a NOI on the 22nd July 2024 to claim the $1000 personal contribution paid in July, which is approved a week later. My “Insurance Fund B” premiums then automatically rollover on 1st August 2024. I pay my next personal contribution to “Fund A” of $1000 on August 15th 2024, and continue to pay this every month until (and including) June 15th 2025.
Can I then submit a SECOND NOI to “Fund A” to claim the remaining $11000 paid as personal super contributions from the 15th August to the 15th June? Or will this NOI be invalid, because the rollover occurred beforehand?
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