For breaches of the concessional contributions cap, the Government announced in the 2011 Federal Budget that where the breach is below $20,000, there will be a one-off option to request a refund of the contributions. This will only apply to breaches from 1 July 2011. The excess contribution will instead be taxed at the individual’s marginal rate of tax, rather than 46.5% inside the fund.
1300 659 589
PO Box 105 Bentleigh VIC 3204
If you would like to have an initial consultation about your SMSF requirements, please get in touch.