Super ATO Tax Deduction

funnysht on 21/06/2019 - 20:57
Last edited 21/06/2019 - 21:08

Had a quick question about this, was going to make a super contribution this year approx $5k

1) If i fill this form out https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/n… and submit it to my super before 30th june is that enough? Or do i need to submit, wait for a response and also transfer the money to the super before the 30th june?

According to the form it states: So i think the former is correct?
"I declare that I am lodging this notice at the earlier of either:n before the end of the day that I lodged my income tax return for the income year in which the personal contributions were made, orn before the end of the income year following the year in which the contribution was made.I declare that the information given on this notice is correct and complete"

2) Also of the 5k will there still be a 15% tax on it?
According to the ATO :
After-tax super contributions (non-concessional)

The super contributions you make after tax (non-concessional) are not subject to tax.

Types of after-tax contributions include:

contributions you or your employer make from your after-tax income
contributions your spouse makes to your super fund
personal contributions that are not claimed as an income tax deduction.

I guess it does?

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Comments

  • Donaldhump on 21/06/2019 - 21:15
    +2

    Put 5k in before June 30th, prolly 24th to allow xfer time

    At any time prior to u doing ur tax return submit a notice of intent or similar form to your fund that you are claimin as concessional. They send you a response confirming

    They then tax it at 15 percent.

    You can then claim as a deduction on your tax return

    • funnysht on 21/06/2019 - 21:18

      according to the ato, i need to wait for the super fund to confirm they have received it before transferring the money. So i guess need to do all of this before 30th june?

      • Donaldhump on 21/06/2019 - 21:23
        +3

        Received what?

        U xfer the money first

        Trust me on what I said I have done it for 2 years now

        • funnysht on 23/06/2019 - 22:46

          oh i meant the 5k

          out of curiosity can someone else put the 5k in my account (i plan to pay them back anyway) and then claim super tax deduciton

          • brad1-8tsi on 25/06/2019 - 21:36

            @funnysht: no they can't claim it. It's your super

          • Donaldhump on 25/06/2019 - 21:56

            @funnysht: No U claim it and pass the tax saving back to them same same, no diff

            Assuming u both have the Sam tax brackets of course.

            • funnysht on 25/06/2019 - 22:49

              @Donaldhump: no i meant person A puts money into person B's super. Then person B claims it on their tax return (even though person A is supplying the cash)

              • Donaldhump on 26/06/2019 - 19:00

                @funnysht: Yeh u can do that. Don’t see why not

                Why doesn’t person a just gift/lend u the money and then person b puts it in.

                What ever the intention of a and b is in regards to the money is external to the superfund and ato.

                Just document the intention as whether is a gift or loan unless you are happy with a verbal intention.

                That what I believe is the best case

                No diff to a husband doing this for a wife or vice versus. Friend to friend, etc

  • Amaris on 21/06/2019 - 21:17

    My super fund took a long time to send the acknowledgement. Can’t submit your tax return without it AFAIK

    • funnysht on 21/06/2019 - 21:18

      i was hoping maybe 1-2 days max hmm

  • Findmebargain on 21/06/2019 - 21:20
    +2

    Step 1: find out how to pay personal contributions to your Super Fund. Usually there’s BPAY reference and can be found within your member login. Check with your Super Fund what their process is.
    Step 2: make the payment, if you want to claim tax this year, make sure your Super Fund receives your money by 30 June.
    Step 3: fill up that form and send to your Super Fund. You don’t have to do this before 30 June but you must do that before you lodge your tax return. Not only that, you must get a confirmation letter from your Super Fund that they have processed your contribution as concessional contribution so you can claim tax deduction in your tax.

    Yes - 15% tax would be taken out from your contribution within the Fund once they have classified it correctly per step 3.

  • funnysht on 21/06/2019 - 21:20

    as a side note, if you're turning 64/65, you'd be nuts to not do this, especially if you're earning >80k. I mean just put it in super, wait 1 year and then take the money out saving you roughly 6k (if you put 25K)

    • Donaldhump on 21/06/2019 - 21:24
      +2

      U would be nuts to not do it anyway imho, especially if u can afford it

      Mortgage or not, but this is a fierce debate, and has pros n cons

  • funnysht on 23/06/2019 - 20:59

    does anyone know if someone else (son) can make via bpay to my super account without any issues (or does the money need to come from me). I'm going to pay my son later afterwards

  • funnysht on 24/06/2019 - 17:53

    just transferred via bpay so hopefully they'll receive the money before 30th..now do i need to also send the notice of intent to claim tax deduction form to them before the 30th as well or I can do that whenever (as long as i get approval prior to sending my tax return)

    • brad1-8tsi on 25/06/2019 - 21:38

      ring your super provider and ask them.

      or simply fill out the form and send it in

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