Hi, I need guidance in understanding the timeframe and tax on personal super contribution:
A super fund will treat your personal contribution(received by the super fund before 30 June) as a concessional contribution when a valid notice of intent has been acknowledged, and the super fund required to deduct 15% tax from those contribution. But this is not a guarantee that the ATO will allow the tax deduction. The final treatment of the contribution will be determined by the ATO (when you lodge your tax return after 1 July)
Question:
If the ATO disallows part or all of your claimed deduction:
1) Can you vary the Notice of Intent after you have lodged your tax return?
2) If the answer of the above is "yes", can the affected contribution be reclassified from a concessional contribution to a non-concessional contribution and 15% contribution tax that was originally withheld on that portion will be refund?
Thanks in advance for your advice