The Assistant Treasurer has released a consultation paper in relation to the Government's announcement of the refund of excess concessional contributions measure. Under this measure, the Government will provide eligible individuals with the option to have excess concessional contributions refunded and assessed at their marginal tax rate(s), rather than pay excess contributions tax on the amount. Individuals who breach their concessional contributions caps by up to $10,000 for the first time will be given the option to have the excess concessional contributions refunded to them. Excess contributions tax is incurred where an individual exceeds their concessional contributions cap. Concessional contributions include compulsory superannuation guarantee payments, salary sacrifice contributions, and other deductible contributions. Excess concessional contributions are taxed at 31.5 per cent, in addition to 15 per cent tax when contributions are made to the fund.
Read more detail on Recent Business Law Posts –Legal notice about the Refund of excess super contributions rubric : Hukuki Net Legal News is not responsible for the privacy statements or other content from Web sites outside of the Hukuki.net site. Please refer the progenitor link to check the legal entity of this resource hereinabove.
Do you need High Quality Legal documents or forms related to Refund of excess super contributions?