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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?
A: I wrote about this strategy in May 2012 which is still very relevant today. You can read that story here.
It’s very close to 30 June and I think it might be too late to put it all into place correctly. If you get anything wrong you manage to pay lots of excess contributions tax.
I hope this helps, for next time at least.
