Treasury says the Minister for Financial Services has agreed for it to release for public consultation an exposure draft for the refund of excess concessional superannuation contributions regulations and the accompanying explanatory materials.
Eligible individuals will be given the option to have excess concessional contributions of $10,000 or less effectively refunded to them. The excess concessional contributions will be assessed as income at their marginal tax rate, rather than incurring excess contributions tax.
The refund measure is given effect by Sch 4 of the Tax and Superannuation Laws Amendment (2012 Measures No 1) Act 2012 and the newly released draft regs appear to be consequential in nature.
COMMENTS are due by 29 June 2012.
[LTN 105, 1/6]