09 Aug 12 Excess concessional contributions refund offer
The ATO has advised agents that from 1 July 2012 their clients may receive a once-only offer to have their excess concessional contributions refunded. If they decide to accept this offer, their excess concessional contributions will be:
- withdrawn from their superannuation fund, and
- added to their assessable income and taxed at their marginal tax rate (for the year the contributions were made).
The client will not be entitled to receive an offer for future years regardless of whether they accept the offer or not. Their choice to accept the offer or not will be final and cannot be reversed, once it is made.
For more information, go here