On June 21st, I voluntarily contributed to my superannuation account, and the transaction history reflects this date. However, I made an additional contribution on June 28th, which appears in my superannuation account as a transaction dated July 1st. Will the contribution made on June 28th be considered part of the FY23-24 or FY24-25 financial year?
A contribution relates to the financial year in which it is received by the superannuation fund not when we have initiated the transaction.
If the super fund received the amount in its bank account on 1 July - the contribution relates to the 2024/25 financial year.
The ATO has provided clear guidance in Tax Ruling TR 2010/1. Just in case, no a super fund cannot backdate your contribution - as mentioned it is when it received by the fund.
A contribution relates to the financial year in which it is received by the superannuation fund not when we have initiated the transaction.
If the super fund received the amount in its bank account on 1 July - the contribution relates to the 2024/25 financial year.
The ATO has provided clear guidance in Tax Ruling TR 2010/1. Just in case, no a super fund cannot backdate your contribution - as mentioned it is when it received by the fund.
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