Treasury on Fri 10.10.2014, released for comment draft legislation which proposes to give effect to the 2014-15 Budget proposal to allow individuals the option of withdrawing super contributions in excess of the non-concessional contributions cap made from 1 July 2013 and associated earnings, with these earnings to be taxed at the individual’s marginal tax rate. According to Treasury, the amendments would address inadvertent breaches of the contribution caps where the error would result in a disproportionate penalty.

COMMENTS are due by 24 October 2014.

[LTN 196, 10/10/14]