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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Refund of excess non-concessional contributions

Posted on Jul 7, 2015 by CFL Financial

The Government recently made changes to excess non-concessional contributions, bringing the treatment of excess non-concessional contributions into line with the treatment of excess concessional contributions.

The changes eliminate double taxation, where individuals were being taxed at the top marginal tax rate even though they paid income tax on contributions prior to making contributions to their fund.

Members aged under 65 are allowed to contribute up to $180,000 each year to their super fund using after-tax funds known as non-concessional contributions. In addition, they can bring forward two years’ worth of contributions. However, they must not exceed a maximum of $540,000 worth of contributions over a three-year period.

Under the old rules, non-concessional contributions that exceeded those caps were taxed at the top marginal rate.

The new rules provide members, who exceed the non-concessional caps on or after 1 July 2013, with the option to release the excess plus 85 per cent of the associated earnings amount. This is the amount the super fund includes on the investments made with the excess contributions.

By making the election, members can avoid paying excess non-concessional contributions tax. The individual’s assessable income will include the associated earnings amount with a 15 per cent non-refundable tax offset. Members that choose to keep the excess contributions in their fund are taxed at the top marginal rate.

Where a member’s fund modifies their contribution information, or a member changes their deduction for personal super contributions, the ATO may amend their excess non-concessional contributions tax assessment and refund their excess contributions.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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