The Minister for Superannuation on Fri 17.8.2012, advised that the Government has made regulations to support recent legislative amendments, to allow eligible individuals a one-off option to have excess concessional contributions of up to $10,000 refunded to them.
The excess concessional contributions will be assessed as income for the year of the excess contributions rather than subject to excess contributions tax. This applies to contributions made since 1 July 2011.
The regulations include the Superannuation Industry (Supervision) Amendment Regulation 2012 (No 3) and the Retirement Savings Accounts Amendment Regulation 2012 (No 2).
Mr Shorten said the Amendment Regulations allow superannuation providers to release the excess contribution to the ATO. The ATO will typically then provide any refund to the individual after any personal income tax is paid, he said.
[It is expected that the Amendment Regulations will be registered on the Federal Register of Legislative Instruments shortly.]
Source: Minister for Superannuation’s media release No 050, 17 August 2012
[LTN 159, 17/8]
The amending regulations are the Superannuation Industry (Supervision) Amendment Regulation 2012 (No 3) and the Retirement Savings Accounts Amendment Regulation 2012 (No 2) which were registered on the Federal Register of Legislative Instruments on Mon 20.8.2012. The Amendment Regs allow superannuation providers to release the excess super contributions to the ATO. The ATO will then typically provide any refund to the individual after any personal income tax is paid.
Source: Minister for Superannuation’s media release No 050, 17 August 2012
[LTN 160, 20/8]