The super account balance was over $1.6milion as of 30/06/2017. I understand that I couldn't make any Non-concessional contribution. I have made $25,000 personal contribution in FY2018 and claimed a tax deduction for the entire amount. I believe the $25K was classified as "concessional contribution" therefore, not exceeding "non-concessional" cap. Is this correct understanding? Thanks in advance for your help.
You did lodge a notice of intention of claim (NoI) to the super fund before claiming a tax deduction? And received confirmation from the super fund?
If so, contact your super fund to ensure 25 K reported as CC.
If not, then the 25 K is NCC - and you cannot claim the tax deduction.
I believe the $25K was classified as "concessional contribution" therefore, not exceeding "non-concessional" cap. Is this correct understanding?
Yes
Thank you for your reply! Somehow the ATO had treated my $25K concessional contribution (clamed tax deduction through tax return) as "non concessional" and informed me that it was "over the NCC cap" (over the total balance cap in previous year) and therefore I need to pay extra taxes. I'm not sure what caused this situation.
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