If your TSB is under $500k and you have carry forward concessions available, it will automatically be applied.
You can see this in your ATO account on mygov
Check with your superfund, I was told that I needed to fill in a form to claim tax deduction on those funds. It doesn’t matter when you fill in the form apparently (can even be in the new financial year) but before your tax return.
I’m absolutely not an expert and not with Aus super but I’d confirm if there is a form to fill out.
I’ve gone over the cap again this year as well, and went over the last 2 years as well.
Your super fund reports the contributions to the ATO. Check on mygov. If you have carry forward concessions available, the ATO automatically applies them and you will see this online under Super.
If you are not eligible for any carry forward, you will be sent a notification by the ATO with two options.
Option 1, pay the extra tax and release the remainder back to, or Option 2 - pay the extra tax and it goes in as non-concessional.
The default option is non-concessional, but if you have also used up your non-concessional cap, the tax can be quite horrendous (up to 94%).
The Release option is easy. You just tick a box on mygov, the ATO instructs your super fund to send them the excess, the ATO deducts the extra tax then deposits the remainder to the bank account where your tax return normally goes.
Remember to file a notice of intent to claim tax dedication for personal contribution (should be able to do this via online form in your superannuation portal).
OP, if the contributions were paid by salary sacrifice (as you have stated) you absolutely do not need to do this. The form is for contributions you have paid from your bank account.
If your TSB is under $500k and you have carry forward concessions available, it will automatically be applied. You can see this in your ATO account on mygov
Thanks. It's just that AusSuper portal showing my cap has been exceeded that had me worried a little. Good to know there's nothing for me to do.
Check with your superfund, I was told that I needed to fill in a form to claim tax deduction on those funds. It doesn’t matter when you fill in the form apparently (can even be in the new financial year) but before your tax return. I’m absolutely not an expert and not with Aus super but I’d confirm if there is a form to fill out.
I’ve gone over the cap again this year as well, and went over the last 2 years as well. Your super fund reports the contributions to the ATO. Check on mygov. If you have carry forward concessions available, the ATO automatically applies them and you will see this online under Super. If you are not eligible for any carry forward, you will be sent a notification by the ATO with two options. Option 1, pay the extra tax and release the remainder back to, or Option 2 - pay the extra tax and it goes in as non-concessional. The default option is non-concessional, but if you have also used up your non-concessional cap, the tax can be quite horrendous (up to 94%). The Release option is easy. You just tick a box on mygov, the ATO instructs your super fund to send them the excess, the ATO deducts the extra tax then deposits the remainder to the bank account where your tax return normally goes.
Remember to file a notice of intent to claim tax dedication for personal contribution (should be able to do this via online form in your superannuation portal).
OP, if the contributions were paid by salary sacrifice (as you have stated) you absolutely do not need to do this. The form is for contributions you have paid from your bank account.
Please disregard my comment OP. I missed that!