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Excess Contributions Tax: Commissioner’s Discretion
The Tax Office has provided guidance on whether or not the Commissioner will exercise his discretion to disregard excess non-concessional contributions where:
- the contributions were initially made as concessional contributions but due to unforeseen inability to claim a tax deduction were treated as non-concessional contributions; or
- the excess contributions arose due to a banking error made by a party other than the trustee of a superannuation fund.
The Tax Office reiterates that the Commissioner will only exercise his discretion if there is:
- the existence of ‘special circumstances’; and
- the object of the tax laws governing superannuation contributions are met. read more...
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