Q: I put money into my SMSF in June 2011 from a capital gain. I wasn’t able to tell the fund at that time what it was for as my accountant hadn’t completed the figures so that notice was sent to them in April 2012. As I understood the rules, so long as the money was in the fund at June 2011, I could then withdraw any of it the following month (and did). I am over 60 and retired. I now have been told that the money not only had to be in the fund in the year the gain was made, but had to stay there until the fund actually received the Section 82AAT (1A) notice. Can you confirm?
You must complete and lodge a Notice of intent to claim or vary a deduction for personal super contributions and supply it to your super fund before you start an income stream/pension if those tax-deductible (concessional) contributions form part of the pension assets.
The notice is now called a section 290-170 notice (formerly known as Section 82AAT notice).
Important: Note that you must lodge this notice with your super fund, and receive acknowledgement from your super fund before you lodge your tax return. The trustee (you, when talking about a SMSF), then uses the notice to determine the treatment of the contributions for benefit component purposes, and to report the contributions in the super fund’s tax return.
Background: According to the ATO, you must lodge a notice of intent to claim a deduction with your super fund before whichever of the following occurs first:
- the day you lodge your income tax return for the year the contributions were made
- the end of the income year after the income year in which you made the contributions.