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Contribution transferring from Non-Concessional to Concessional

Newbie

Views 121

Replies 3

Hi,

 

After making a contribution and receiving a confirmation of my notice to claim from my super fund.

 

On the My Gov - ATO portal it is still showing the contribution as Non-Concessional. How am I able to convert this to a Concessional contribution?

 

Thank you,

Wade4

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Champion

Replies 1

Hi Wade4,

 

Welcome to ATO Community!

 

I wouldn't be too concerned if the contribution is still showing in the ATO Portal as non-concessional. The ATO Portal would only display the contribution the way it was classified when it was received by the fund, in this case as non-concessional.

 

If you notified your fund you intend to claim a deduction for the contribution and you have received your fund's acknowledgment, the amount will be treated as a concessional contribution and you can claim the deduction. The amount your fund acknowledged also counts towards your concessional contributions cap.

 

All the best.

 

This is my personal view; I’m an ATO employee who chooses to help out here in my own time.

3 REPLIES 3

Most helpful response

ATO Certified Response

Champion

Replies 1

Hi Wade4,

 

Welcome to ATO Community!

 

I wouldn't be too concerned if the contribution is still showing in the ATO Portal as non-concessional. The ATO Portal would only display the contribution the way it was classified when it was received by the fund, in this case as non-concessional.

 

If you notified your fund you intend to claim a deduction for the contribution and you have received your fund's acknowledgment, the amount will be treated as a concessional contribution and you can claim the deduction. The amount your fund acknowledged also counts towards your concessional contributions cap.

 

All the best.

 

This is my personal view; I’m an ATO employee who chooses to help out here in my own time.

Newbie

Replies 0

Thanks, ElJones. It has not changed in the portal but I have confirmation from my super provider. I will just sit tight for now.

 

Thank you,

Wade

ATO Certified Response

ATO Community Support

Replies 0

Hi @Wade4

 

I can see @ElJones has pretty much answered that for you. Just wanted to add that the figures listed in myGov would most likely be out of date as our end only updates when your superfund provides us with new information. Hopefully this will happen soon and you'll be able to see a more recent figure for your account. I recommend contacting your fund directly if you have any concerns. 

 

Let us know if you have any questions.