My intent was to empty my account balance then using NCC funds to rebuild my account to a tax free status.
Q. Can i now withdraw extra funds in new FY to a zero account balance, to then show as zero account on my tax return? Due to investments growth and interest payments I now find when preparing my tax return, that there are extra funds in my account.
Hi @Dougie1,
If your balance has grown due to investment earnings, this will be reported by your super fund in their annual return. Your tax return doesn’t include your super balance unless you’ve made a withdrawal that needs to be declared.
For further assistance with your specific circumstances, we recommend reaching out to our tailored technical assistance team for support.
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