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Extra contributions

Hi Tony

I am hearing of people contributing next years contributions in the current financial year and saying they are claiming tax deduction in FY13 for both FY13 and FY14.

I understand from the SMSF perspective that if contributed in June, it can just be allocated to a ‘reserve account’ and reversed in July, the SMSF doesn’t pay any tax on it in the FY13 so it really doesn’t make any difference to the SMSF. I just don’t understand how in effect the individual can get a deduction for 2 x the maximum allowable concessional contribution in their personal returns?

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