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ARTICLE · 22 JUNE 2013

Withdrawals for excess concessional super contributions - Bills introduced

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The Bills are designed to introduce a fairer system for the taxation of excess concessional superannuation contributions.

AustraliaTax
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

On 19 June 2013, the Government introduced into Parliament the Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013 (Tax Laws Amendment Bill) and the Superannuation (Excess Concessional Contributions Charge) Bill 2013 (Super Bill).

The Bills are designed to introduce what the Government describes as a fairer system for the taxation of excess concessional superannuation contributions.

The Government estimates that the proposed regime will affect approximately 100,000 people in 2013-2014 and 40,000 people will have a lower tax liability as a result of the regime.

BACKGROUND

The concessional contributions cap is $25,000 for the 2013-14 year and this cap will be set at:

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