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Re: FHSS Claiming Tax Deduction

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Newbie

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Replies 1

Hi,

 

In applying for a withdrawal I came across the below criteria.

 

"must confirm as part of your release application that you will not claim further tax deductions on the non-concessional contributions included in the determination"

 

Given I made nonconsessional contributions last FY and this FY, both times notifying my Super of an intent to claim a deduction. My accountant has nearly completed last years return where I will be claiming a deduction for last years contribution. 

Does the criteria above mean however that I cannot claim a deduction for this years contribution even though I have expressed my intent? And also that I will have to wait until my return for last year is lodged before I can withdraw to claim last years deduction?

 

Thanks

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Best answer

Newbie

Replies 0

Apologies, I have found an answer in a past post.

 

I can withdraw in the same year as long as I list the deductions in the determination, so I do have another question:

 

When listing the deductions in the determination is that amount equivalent to the contribution you made if you intend to claim the full amount OR the calculated deduction amount.

 

IE if I made $15k in contribution, and I intend to claim the full amount. The amount I list in "deductions" in the determination is $15k?

1 REPLY 1
Highlighted

Best answer

Newbie

Replies 0

Apologies, I have found an answer in a past post.

 

I can withdraw in the same year as long as I list the deductions in the determination, so I do have another question:

 

When listing the deductions in the determination is that amount equivalent to the contribution you made if you intend to claim the full amount OR the calculated deduction amount.

 

IE if I made $15k in contribution, and I intend to claim the full amount. The amount I list in "deductions" in the determination is $15k?