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Requesting FHSS Determination

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Hi,

Need some help with FHSS determination request. Submitted my determination request through online ATO account but the amounts I got back in my determination are not quiet what I expected. So need to know if I am doing something wrong (for the following scenario).

 

I have made a personal super contribution of $15,000 mid june (last month) from my after tax income with the intention to use it for FHSS. I also submitted a valid notice of intent to claim tax deduction to my super provider and have received an acknowledgement from them stating that they have applied 15% tax ($2250) on my super contribution of $15,000.

 

As I am planning to claim a tax deduction for the entire contribution of $15,000, I believe this makes my contribution a "concessional contribution" ?

 

While submitting a request for determination online,

I selected

1 - Type = "Personal Voluntary contribution" from following two options

          - Salary Sacrifice Contribution (Before Tax)

          - Personal Voluntary Contribution (After Tax)

     My contribution is conccessional but is not done through Salary sacrifice. So have a selected a correct type ? Or do I need to select "Salary Sacrificate Contribution (Before Tax)" ?

 

2 - Super Tax deduction = $2250 (15% of $15,000, assuming this indicates amount of tax applied within super fund after notice of intent to claim tax deduction was submitted). 
Is this amount correct for the above case ? or do I need to enter my marginal tax percent of $15,000 here (which is 37% for me) ? 

 

The amounts I got back for my determination request (with above selection ) are:

 

Concessional: 1912.50

Non Concessional: 12750

Total Earnings: 80

WHT: 338

 

I expected to see my whole contribution under "Concessional" but it is showing only 1912.50 as concessional. Am I doing something wrong ?

 

Also, I understand that I can apply for determination as many times I like. If I submit a new determination request now, what happens to my previous determination request ? Does it get cancelled and only latest one is considered while applying for a fund release ?

 

Thanks for your help.

 

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Hi @usmans5,

 

Welcome to the Community.

 

If you claim a tax deduction for your personal super contribution, the amount you claim will be treated as a concessional contribution.

 

As you've mentioned you're claiming a deduction for your personal contributions, you'll need to complete both the 'Voluntary Contributions' and the 'Deductions' section in your FHSS scheme determination.

 

In the 'Voluntary Contributions', you'll need to include the:

  • type of contribution
  • date the contribution was made, and
  • amount of your contribution.

If you've made personal (after-tax) contributions (regardless of whether you're claiming a tax deduction for them), you record these as 'Personal voluntary contribution'.

 

In the 'Deductions' section, you need to include the:

  • financial year you're claiming a deduction in, and
  • the total amount of the deductions you're claiming for that year.

You don't include the tax your super fund withheld from your contribution as a separate amount in your FHSS scheme determination.

 

So for example, if you made a personal contribution of $15,000 and will be claiming a deduction for that contribution of $15,000, you would include the $15,000 as the 'Total amount' in the 'Deductions' section.  Alternatively, if you were only claiming $5,000 (of your $15,000 personal contribution) as a deduction, then you would include $5,000 as the 'Total amount'.

 

If you submit a new FHSS determination, this will override any previous determinations you have received.

 

Hope this helps. Let us know if you have any further questions.

 

Thanks, NicM.

1 REPLY 1
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ATO Certified

Community Support

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Hi @usmans5,

 

Welcome to the Community.

 

If you claim a tax deduction for your personal super contribution, the amount you claim will be treated as a concessional contribution.

 

As you've mentioned you're claiming a deduction for your personal contributions, you'll need to complete both the 'Voluntary Contributions' and the 'Deductions' section in your FHSS scheme determination.

 

In the 'Voluntary Contributions', you'll need to include the:

  • type of contribution
  • date the contribution was made, and
  • amount of your contribution.

If you've made personal (after-tax) contributions (regardless of whether you're claiming a tax deduction for them), you record these as 'Personal voluntary contribution'.

 

In the 'Deductions' section, you need to include the:

  • financial year you're claiming a deduction in, and
  • the total amount of the deductions you're claiming for that year.

You don't include the tax your super fund withheld from your contribution as a separate amount in your FHSS scheme determination.

 

So for example, if you made a personal contribution of $15,000 and will be claiming a deduction for that contribution of $15,000, you would include the $15,000 as the 'Total amount' in the 'Deductions' section.  Alternatively, if you were only claiming $5,000 (of your $15,000 personal contribution) as a deduction, then you would include $5,000 as the 'Total amount'.

 

If you submit a new FHSS determination, this will override any previous determinations you have received.

 

Hope this helps. Let us know if you have any further questions.

 

Thanks, NicM.