Hi,
I am in my late 30's and have a super account with Australian Super that only ever receives employer SG (no history of direct personal contribution, no withdrawals).
In July 2023, in order to take advantage of the tax deductions, I set up a separate personal super account with CBA soley for the purpose of tracking Personal Super Contributions. To ensure that all funds in CBA Super are purely my own contributions, no more, no less, I selected investment option to be Cash only. So CBA Super account only has 100% tax free conponents at any point in time.
During FY24, I made great efforts to contribute after-tax salary to CBA Super on a monthly basis (sometimes I have to postpone credit card payments so that I stay on track of my plan). In total, I contributed $30,000, which I had always planned to claim deductions when preparing for ITR. I have been counting on FY24 tax refunds so that I can repay my credit cards.
And... I made two rollovers from CBA Super to Australian Super in May 2024 ($22,000), leaving $8000 odd (plus cash interest minus monthly fees) in CBA Super ready for tax.
Afterwards, I submitted to CBA Super the Intent to Claim tax deduction form on 20 June 2024.
I became aware today that the two partial rollovers have caused my intent to Claim Deduction form to be invalid. CBA Super advised that only $8000 can be claimed.
Now I am desparately fretting with the unexpected tax consequences.
Is there any way for me to claim full tax deduction of $30,000?
In case your answer to the question above is "no", here are my follow-up questions:
(1) If I transfer $22,000 back to CBA Super from Australian Super, would that give me sufficient funds in CBA for tax deduction?
(2) Is it possible for me to reverse the partial rollovers, to bring the two super accounts back to their respective positions as if the rollovers never happened?
(3) Is it possible to apply for ATO private rulling in my case?
(4) Failing everything else, if I put another $22,000 into CBA Super in July 2024 to bring the remaining balances up, would it help with the deduction at all?
NB: It was part of plan 3-year plan to put another $22,000 in CBA Super for FY25 deductoin purpose.
Thanks.
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