In media release No 2012/050, issued 17 August 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced that the Government has enacted regulations to enable an estimated 30,000 individuals to benefit from refund of certain excess concessional contributions.
Eligible individuals will have a one-time option to have excess concessional contributions of up to $10,000 refunded to them. The excess concessional contributions will be assessed as income for the year of the excess contributions rather than subject to excess contributions tax. This applies to contributions made since 1 July 2011. The refund measure was announced in the 2011-12 Budget.
The regulations were made at the meeting of the Executive Council held on 16 August 2012 and registered on the Federal Register of Legislative Instruments on 20 August 2012. The changes are contained in the Superannuation Industry (Supervision) Amendment Regulation 2012 (No 3) (Select Legislative Instrument 2012 No 203) and the Retirement Savings Accounts Amendment Regulation 2012 (No 2) (Select Legislative Instrument 2012 No 202).