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Withdrawing same year contributions were made

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Hi all, 

 

Am I able to withdraw personal contributions in the same financial year they were made and still claim the deduction on my FY2020 tax return? 

 

Cheers, 

 

dottyfrog

 

 

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ATO Certified Response

Community Moderator

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Hi @dottyfrog

 

Thanks for your question.

 

The short answer is yes. You can claim a personal super contribution deduction for a contribution that was made and withdrawn in the same financial year due to a first home super saver (FHSS) release request. You just need to ensure that you meet the FHSS scheme rules and the personal super contribution deduction rules.

 

This is actually a question that has come up a few times in our Community. The long answer to your question can be found in the following thread. We strongly recommend that you check it out.

 

Can I claim a tax deduction for a voluntary contribution after it has been withdrawn?

 

Hope this helps.

 

Thanks, ChrisR

1 REPLY 1

Most helpful response

ATO Certified Response

Community Moderator

Replies 0

Hi @dottyfrog

 

Thanks for your question.

 

The short answer is yes. You can claim a personal super contribution deduction for a contribution that was made and withdrawn in the same financial year due to a first home super saver (FHSS) release request. You just need to ensure that you meet the FHSS scheme rules and the personal super contribution deduction rules.

 

This is actually a question that has come up a few times in our Community. The long answer to your question can be found in the following thread. We strongly recommend that you check it out.

 

Can I claim a tax deduction for a voluntary contribution after it has been withdrawn?

 

Hope this helps.

 

Thanks, ChrisR