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.” by Katarina Taurian, SMSF Adviser
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