While there is nothing in either the super or tax legislation allowing a fund trustee to return a contribution to a member simply because that member has exceeded their contribution caps, sometimes mistakes do happen. And in some cases, this may present several potential practical solutions to dealing with a client’s excess contributions.
In this final Technically Speaking bulletin of our recent series focused on superannuation contributions, we turn our attention to the limited, albeit important opportunities that may exist to return a contribution to a member, apply for ATO discretion, and when it may be appropriate to lodge a dispute against an excess contribution determination issued by the ATO.
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The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association