Published on 22 Aug 13
by NATIONAL DIVISION, THE TAX INSTITUTE
Contributions cap issues are becoming the bane of fund trustees and practitioners alike. This paper considers the increasing frequency of various problems being encountered in relation to the contributions caps and, in turn, the strategies and practices being adopted to deal with them. The following issuesare addressed:
- the impact of changes to the tax treatment of contributions, including the significant amendments recently proposed by the government
- dealing with excess contributions (until the proposed refunding provisions arelegislated), including applications for Commissioner discretion and related AAT findings and refund of concessional contributions
- new rules for in specie contributions
- other developments impacting on contribution strategies.