Draft legislation for super reforms released

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Draft legislation allowing individuals the option of withdrawing superannuation contributions in excess of the non-concessional contribution cap has been released.

You can access this withdrawal offer if your excess contributions were made after 1 July 2013. Under the proposed legislation you can also elect to release an ‘associated earnings amount’. This is the amount made on those excess contributions invested into the super fund.

You can read the draft legislation here.