Relief for excess super contributions

SMSF technical expert and columnist for The Australian newspaper
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Key points

  • In scheduled changes, the tax on excess non-concessional contributions will now be the maximum marginal tax rate plus medicare levy and the budget repair levy.
  • You can choose to leave excess non-concessional contributions in your super (if you’re on the highest marginal rate) or remove it.
  • The ATO will send you a notification.

 

Good news if you’ve made excess non-concessional contributions after June 2013!

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