I am aged in my 60’s, should earn about $42,000 in wages and interest this financial year, and in the last few months I have made the following contributions to my super:
- A concessional contribution of $20,000 - my super balance dropped by $3,000 the following day, presumably being 15% tax. I submitted a Notice of Intent to Claim a Tax Deduction for the $20,000, getting acknowledgement from the super fund the next day, and I won’t exceed this year’s concessional cap and haven’t triggered Carry-Forward;
- Non-concessional contributions totalling $358,000 - 3 x $120,000 using the Bring-Forward rule less $2,000 for possible future contributions, and my super balance is well below the Total Super Balance limit for the Bring-Forward rule.
When I login to Mygov, my record with the ATO shows that I have made excess non-concessional contributions of $18,000. Will that $18,000 become concessional after I claim the $20,000 concessional contribution as a deduction in my tax return for this year, or have I misunderstood the contribution rules and have to pay extra tax?
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