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Excess contributions and

Publication date: 16 Feb 07 | Source: WEEKLY TAX BULLETIN

Issue: No. 7 2007

Pages: pp.230-32

Abstract:

The proposed "simplification" of the superannuation rules and the various changes that have been made since the original announcements give the impression they are already complicated. This includes those who may have made large contributions to superannuation just after the announcement in the hope that at worst they would receive a refund if amounts in excess of the contributions made. A recent publication by the Tax Office gives some indication how the rules for these excess contributions may work. Income Tax (Transitional Provisions) Act 1997, s 292-80A. and Tax Laws Amendment (Simplified Superannuation) Bill 2006.

 

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Author profile

Graeme Colley
Photo of author, Graeme COLLEY Graeme is the Executive Manager, SMSF Technical and Private Wealth at SuperConcepts. In that role his responsibilities include the provision of technical and education services to private wealth clients, maintaining the company’s media and corporate profile and its advocacy with government. Graeme has considerable taxation and superannuation experience gained from senior positions in the ATO, as an Assistant Commissioner of the Insurance and Superannuation Commission, ING as well as leading fund managers and consultants, including Macquarie Bank, Mercer and Chartered Accountants ANZ. He is a joint author of the CCH Master Financial Planning Guide and Financial Planning in Australia. His academic experience extends to the ATAX Masters course at UNSW and the Master of Commerce (Financial Planning) course at UWS. - Current at 26 June 2019
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