No Special Circumstances to allow Excess Super Contributions
Another case confirms that taxpayers making large superannuation contributions need to be diligent.
The Administrative Appeals Tribunal denied a taxpayers request to ignore excess contributions tax.
The taxpayer claimed that her situation and the complexity of her superannuation arrangements, meant that special circumstances should allow the Commissioner to overlook her excess contributions.
She had contributed what she thought was the maximum in year one and used the bring forward rule to contribute $450,000 in the year two. She argued that part of the complexity was an industry fund, a defined benefit fund and her SMSF. Having exceeded the maximum concessional contributions in year one, the bring forward rule was not available in the year two.
The tribunal considered that her superannuation arrangements were not out of the ordinary and emphasised her failure to seek advice and disregard reports from her superannuation fund, in favour of spreadsheets prepared by her husband.
The decision is quite predictable, again emphasising great care when endeavouring to take maximum advantage of tax concessions.
AcctWeb
Hot Issues
- Small businesses may ‘collapse under strain of payday super’, IPA warns
- ATO’s hands tied with scrapping on-hold debts, expert says
- What Drives Your Business Growth and Profits?
- Australian Taxation Office (ATO) shifting to firmer debt collection activity
- Why employee v contractor comes down to fine print
- Sharing economy reporting regime for platform operators
- Countries producing the most solar power by gigawatt hours
- Illegal access nets $637 million
- Accessing superannuation benefits.
- Does your business have a company Power of Attorney?
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- GrantConnect
- 2 in 3 SMEs benefit from instant asset write-off, survey reveals
- Updated guidance on R&D claims
- Do you know how to recover debts?
- Wheat Production by Country
- Types of small business benchmarks
- What is a Commercial Lease?
- ATO warns advisers against suspect R&D tax claims
- The year of workplace law upheaval
- How to Resolve Invoice Payment Disputes
- Raft of revenue tweaks in MYEFO to raise millions
- The Countries that Export the Most Wine in the World
Article archive
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
October - December 2017 archive
- SMSFs warned on ‘ticking time bomb’ with outdated deeds
- Taxation ruling on commercial website deductibility
- 68% of SMEs ‘significantly stressed,’ 85% rely on accountants
- Statutory wills are underutilised in estate planning
- Small business slips on lodgement deadlines
- 300,000 SMEs utilising $20K write-off, says ATO
- ‘A bad thing times 10’: ATO set for new SMSF blitz
- Capital Gains and Renounceable Rights
- Paperwork bungles lead to $38k in payments
- Australian Dietary Guidelines and healthy eating chart (PDF)
- Former director liable for company’s unpaid tax liabilities
- Super for housing measures enter Senate
- No Special Circumstances to allow Excess Super Contributions
- Housing tax measures progress to Parliament
- AirBnb – wrong tax outcome?
- Are young investors wasting their youth?
- ATO sending 'more letters than ever' on income tax errors
- Powerful Budgeting, cash flow and Super Tools available on our site.
- Property, unit trusts in ATO's sights
- Australian Dietary Guidelines and healthy eating chart (PDF)
- Major Bank Levy Passed
- NSW tops list as ATO reveals billions in lost super
What our clients say about us