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Super Contributions - Hot Issues

Published on 19 Aug 2009 | Took place at RACV Club, Melbourne , VIC

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.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Excess contributions

Author(s):  Bryce FIGOT

This presentation covers:

  • what are the key rules to be aware of?
  • what are the most common traps and how can they be avoided?
  • how and when can the Commissioner exercise the discretion to disregard and reallocate excess contributions?
  • when may excess contributions be returned and when must excess contributions be returned?
Materials from this session:

What is a super contribution?

Author(s):  Meghan SPEERS,  Noelle KELLEHER

This presentation covers:

  • what is a contribution?
  • when is a contribution made (e.g. if made by cheque or by EFT)?
  • the ATOs draft ruling on contributions (TR 2009/D3) and has the ATO got it right?
  • tax deductibility of contributions.
Materials from this session: