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Articles
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
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Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
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Capital Gains and Renounceable Rights
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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
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Major Bank Levy Passed
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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




26th-October-2017