- Technically Speaking
- Contributions
Welcome to the 26th Issue of Technically Speaking with SPAA’s Senior Manager Technical & Policy, Jordan George.
In this edition, Jordan discusses the application of the new legislation for the refunding of excess concessional contributions that has applied from 1 July 2013. The new refunding scheme taxes excess concessional contributions at a taxpayer’s marginal rate and allows taxpayers a choice to refund any contributions over their concessional contribution cap. Jordan discusses how the tax is assessed, what penalties apply for making excess concessional contributions and how refunding of contributions works.
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