NEWS – Win for SMSF Trustees – Mechanism to Allow Withdrawal of Excess Non-concessional Contributions

 

NEWS – Win for SMSF Trustees – Mechanism to Allow Withdrawal of Excess Non-concessional Contributions

Win for SMSF Trustees – Mechanism to Allow Withdrawal of Excess Non-concessional Contributions

A major step has been made in the recent governments’ budget announcement that is a move in the right direction and a win for trustees of SMSFs, as keeping up can be an extra burden.
“In last night’s Budget, the government introduced a mechanism which is being heralded as ‘a win for SMSF trustees’.  The government has moved to introduce a mechanism to allow taxpayers to withdraw excess non-concessional contributions made after 1 July 2013.  ‘This is good news as it stops punitive tax outcomes where taxpayers can pay up to 93 per cent on excess non-concessional contributions,’ said Jordan George, senior manager, technical and policy, at the SMSF Professionals’ Association of Australia (SPAA).  ‘We congratulate the government on allowing taxpayers to refund excess non-concessional contributions, removing the overly punitive outcomes.’  
Speaking to SMSF Adviser, Mr George said this is a measure SPAA has been advocating, and the association is pleased with the government’s response. However, he also said the government will need to work through the finer details of the proposal.”   READ FURTHER by Katarina Taurian, SMSF Adviser

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2 Responses to NEWS – Win for SMSF Trustees – Mechanism to Allow Withdrawal of Excess Non-concessional Contributions

  1. Luke says:

    While it does appear to be a good change to allow excess non-concessional contributions to be withdrawn in a similar way to excess concessional contributions, some issues may emerge once we see draft legislation and the consultation process starts. Of particular issue could be calculating the ‘associated earnings’ which are to withdrawn along with the excess contribution and taxed. This wouldn’t be the first time a new piece of superannuation policy is announced only to be found unworkable after Treasury and industry work through the detail.

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