2009

Super Contributions - Hot Issues

Source: Victoria

Published Date: 19 Aug 2009

 
Since the introduction of Better Super, the threat of RBLs disappeared only to be replaced by the threat of attracting excess contributions tax. The ATO has noted that current data indicates around 24,000 people may have exceeded a contributions cap in the 2008 financial year. The potential to exceed the contributions caps in the current financial year is possibly even greater, given the halving of the concessional contributions cap.

Whether contributions caps have been exceeded will depend on the value of contributions made, what is counted as a contribution and in which financial year the contribution was made.

As mistakes around the calculation of the contributions caps can be extremely costly, understanding contributions, the implications of exceeding the contributions caps and what to do if issued with an excess contributions tax assessment from the Commissioner is vital.

The event covered understanding contributions and excess contributions.

Excess contributions

Author(s): Bryce Figot CTA
Materials from this session:

What is a super contribution?

Author(s): Meghan Speers , Noelle Kelleher

Details

  • Published On:19 Aug 2009
  • Took place at:RACV Club, Melbourne

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Tags

2009

Share this page