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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About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
This entry was posted in Retirement Planning, SMSF Info, News & Stats, SMSF Investing, Superannuation General and tagged , , , . Bookmark the permalink.

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.

    Like

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