Personal Contribution into SMSF, Deduction Claim May Be Rejected by H&R Block Pre-Check

MahjongKing on 29/10/2024 - 11:52
Last edited 29/10/2024 - 11:53

I made a 10K personal contribution into my SMSF in FY24. Its an individual SMSF, so I have sent a NOI to myself as the director of the superfund and basically replied back to myself with acknowledgment.

As for lodging my personal tax return, I went through H&R Block but the accountant said the NOI and acknowledgment is not enough and will be rejected when they go through their pre-checks before lodging my tax return. He mentioned the ATO doesn't have the amount of deduction to claim pre-filled. Other than that, he doesn't seem to have experience with.

What I read from a retail fund provider, is they will report to the ATO at the same time they send the acknowledgment and that is how the ATO knows how much will be claimed.

I'm with eSuperfund for my SMSF. I've completed phase 2 of the checklist (they have my NOI and Acknowledgment letter as well) and now waiting for them to lodge the SMSF tax return.

Should I be waiting for eSuperfund to lodge my tax return first? Would ATO then know how much I want claim as a deduction?

I feel like I'm missing a step here? or should I run to another accountant?

Financial

Comments

  • bemybubble on 29/10/2024 - 12:03
    +19

    Get a new accountant.

    • Seraphin7 on 29/10/2024 - 19:15

      Agreed. This is bog standard stuff.

      I do something similar, although to a public fund. Put everything through the accountant and they just tell me to lodge the NOI prior to submitting the tax return.

      If your accountant can't handle this, what else can't they handle?

  • padutz on 29/10/2024 - 12:11
    +2

    You have ticked the boxes.. Below directly from ATO website.

    You must give a notice of intent to claim or vary a deduction to your fund by the earlier of either the:

    • day you lodge your tax return for the year in which you made the contributions
    • end of the income year following the one in which you made the contributions.

    Your fund must send you a written acknowledgment, telling you they have received a valid notice from you. You must receive the acknowledgment from your fund before you claim the deduction on your tax return.

    Feel free to reach out to [email protected] and I will be happy to assist you.

    Thanks

  • Fredfloresjr on 29/10/2024 - 12:28
    +4

    Tell em' you are the mahjong king.

  • Dollar General on 29/10/2024 - 13:00
    +5

    I’m with esuperfund too and had this issue last financial year. My accountant said there’s no record on ATO platform of my super contribution. I reached out to esuperfund and they said they lodged it all. In the end my accountant claimed the deduction and told me we can deal with the ATO if need be as we have all the necessary records

    • netjock on 29/10/2024 - 13:15
      +1

      ATO bit slow in updating SMSF details. It is like 1 year behind it seems from mytax via mygov.

    • MahjongKing on 29/10/2024 - 13:24

      Sounds like I need to find an accountant who is willing to put my return through no matter what.

      I tried asking esuperfund by got a very unhelpful generic response. I guess you get what you pay for.

  • jv on 29/10/2024 - 14:35

    so I have sent a NOI to myself as the director of the superfund and basically replied back to myself with acknowledgment.

    😲

    • JIMB0 on 29/10/2024 - 15:02
      +2

      The first sign of instantly is talking to yourself, the second is answering back.

  • Ave Maria on 23/02/2025 - 23:03

    Esuperfund will sort out the SMSF side based on the info you provided. No further action from you.
    For your personal tax return all you have to do is to declare the amount of the personal contributions so it becomes a tax deductible amount (as it is taxed at 15% in the SMSF tax return). I do my tax return myself eah year on MyGov (takes 5-10 minutes). If your accountant said "No" he/she is useless and I would not be using them anymore. The ATO does not require or collect any additional documentation regarding your tax deductible personal contribution and it is matched after esuperfund lodges your SMSF tax return. I do my personal tax return early (July/August) as soon as everything is pre-filled. Esuperfund lodges my SMSF tax return always later in December. So there is no need for the SMSF personal contribution details to be recorded already or prefilled. That is pure nonsense.

  • ol mate on 26/02/2025 - 08:30
    +1

    H&R block and shopping centre tax people are useful if you're a PAYG employee with non-complex tax affairs which pre-fill. Anything beyond 1 IP and ASX-listed shares, get a real tax accountant not a form filler.

  • MahjongKing on 28/02/2025 - 09:54

    In the end I got a another tax accountant (not the shopping centre kind) and submitted everything through without hassle.

    I won't blame the H&R Block tax accountant that initially did my tax return. All the deductions matched the final accountant I went with. It's H&R higher up that is the problem, their process has another gate that needs to be passed. They won't do anything unless ATO has everything pre-filled.

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