Concessional contributions are superannuation contributions in respect of which a tax deduction has been claimed whether those contributions are made by the employer (or a related company of the employer) of the member or by the member themself. These contributions are subject to tax in the super fund at 15%.
non-concessional contributions
Federal Court finds AAT misapplied special circumstances test
The Full Federal Court has held that the Administrative Appeals Tribunal misapplied the “special circumstances” test. The Tribunal had held that there were no special circumstances in relation to Mr Ward’s excess non-concessional contributions which warranted the ATO to disregard or reallocate the excess contributions to another tax year. The Full Federal Court set aside […]
Three-year bring-forward rules will be retained
The ability to bring-forward up to 3 years’ worth of non-concessional contributions will be retained. The current requirement that taxpayers be less than age 65 at any time during the first year of the 3 year bring-forward period will be maintained.