Decision Impact Statement on Longcake v FCT – one of the few cases where the excess contributions tax assessment was set aside [76]

The ATO Tue 20.11.2012, released a Decision Impact Statement on AAT Case [2012] AATA 576, Re Longcake and FCT. In that case, the AAT decided that an excess contributions tax assessment should be set aside as special circumstances existed, ordering that superannuation contributions paid by the taxpayer’s employer in early July 2009 be reallocated to the previous financial year. Broadly, the ATO said the Commissioner will continue to consider each application for the exercise of the discretion in s 292-465 of the ITAA 1997 on its merits.

[LTN 225, 20/11]