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Claiming tax deduction

Newbie

Views 160

Replies 4

The FHSS amount was released earlier this year and we succesfully purchesed our firs home.
During the release request process I indicated that I will not intend to claim tax deduction for $3000 part of my personal after tax contribution (made in January this year) and the whole $3000 + earnings were released.
What happens if I want to change mind and claim tax deduction for $3000 in this year's tax return? Is it still possible?
We have SMSF and the annual compliance process has not started yet, so I didn't file the intention to claim deduction form yet with our SMSF. Do I need to pay back 15% of claimed amount back into SMSF if the tax deduction is still possible?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @jaceba,

 

If the FHSS amount has already been released you cannot change the release request. Once this is finalised it is what you need to include on your return. You are able to withdraw 85% plus earnings of your concessional contributions and 100% plus earnings of your non concessional contributions. You need to confirm these are correct on your determination form, which is why we give you the opportunity to do this more then once. The release request can only occur once and tax will be applied accordingly.

 

Under how to make a claim for personal deductions the website advises - the notice of intent would have to be valid.

 

One of the points advises - A notice of intent is only valid if

  • the contributions in the notice of intent have not been released from the fund you've given notice to under the FHSS scheme.

You can use the link for further information.

 

If you have other questions, please let us know.

 

All the best.

4 REPLIES 4

ATO Community Support

Replies 3

Hi @jaceba ,

 

Unfortunately you can't withdraw or revoke a valid notice once acknowleged by your fund

Newbie

Replies 2

I didn't send any notice to SMSF nor I didnt' start my tax return yet. All I did I ticked that I do not intend to claim tax deduction during FHSS release request process and as a consequence 15% tax was not deducted from  $3000 released funds.

Last FY I claimed tax deduction for another voluntary after tax contribution and I sent notice of intention to claim form to my SMSF accountant and auditor during annual compliance process, which usually starts around September - October.

My question is what will happen if I claim this $3000 as a tax deduction on my tax return, despite I  indicated that I will not claim during the FHSS release proces. If I send notice  of intention to claim form during compliance process in September - my accountant will deduct 15% tax anyway from this funds.

 

Community Moderator

Replies 0

Hi @jaceba,

 

We will look into this and let you know what will happen.

Most helpful response

ATO Community Support

Replies 0

Hi @jaceba,

 

If the FHSS amount has already been released you cannot change the release request. Once this is finalised it is what you need to include on your return. You are able to withdraw 85% plus earnings of your concessional contributions and 100% plus earnings of your non concessional contributions. You need to confirm these are correct on your determination form, which is why we give you the opportunity to do this more then once. The release request can only occur once and tax will be applied accordingly.

 

Under how to make a claim for personal deductions the website advises - the notice of intent would have to be valid.

 

One of the points advises - A notice of intent is only valid if

  • the contributions in the notice of intent have not been released from the fund you've given notice to under the FHSS scheme.

You can use the link for further information.

 

If you have other questions, please let us know.

 

All the best.