25 Nov 11 On excess contributions tax
MEMBER 213 writes:
"Received a letter from the ATO suggesting that according to their information my client had exceeded their non-concessional contributions cap for 2010 by $150,000. Youch! But hang on, this relates to a fund with one member who had made a concessional contribution of $50,000 and a non-concessional contribution of $150,000 for the 2010 year; and the year-end balance of the fund was $200,000.
The ATO contact was very helpful and agreed that their system had somehow doubled up the recording of the Member Contribution Statement's non-concessional component from the SMSF Return. Maybe their system could check the reasonableness of their information back to the SMSF Return as lodged before sending out scary letters!"