ARTICLE · 14 OCTOBER 2014

Latest on excess non-concessional superannuation contributions

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The latest word on the status of excess non-concessional contributions was a positive one, but caution is still needed.

AustraliaTax

Introduction

The latest official word on the status of excess non-concessional contributions was a positive one, but caution is still needed.

The latest official word

The ATO published on Friday 26 September 2014 the official minutes of the most recent Individual Taxpayer Liaison Group Minutes.

In it the ATO stated:

Under the new measure for non-concessional contributions (announced in the May 2014 Budget), individuals will be given the option to withdraw their excess contributions (and associated earnings) and have the earnings taxed in their income tax assessment at their marginal rate. This change recognises that in most cases the breach of the non-concessional contribution cap is not intentional and the previous taxing regime (at top marginal rate) was considered too harsh by the government. The measure is not yet law and the ATO continues to work with Treasury to provide input and advice on the practical application of the proposed changes and

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