Hot Issues
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Our Advent calendar for 2017
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Capital Gains and Renounceable Rights
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Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
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Australia's vital statistics
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SMSFs warned on ‘ticking time bomb’ with outdated deeds
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Taxation ruling on commercial website deductibility
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68% of SMEs ‘significantly stressed,’ 85% rely on accountants
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Statutory wills are underutilised in estate planning
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Small business slips on lodgement deadlines
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300,000 SMEs utilising $20K write-off, says ATO
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‘A bad thing times 10’: ATO set for new SMSF blitz
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Capital Gains and Renounceable Rights
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Paperwork bungles lead to $38k in payments
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Australian Dietary Guidelines and healthy eating chart (PDF)
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Former director liable for company’s unpaid tax liabilities
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Resources on our site to help you, your family and your friends.
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Super for housing measures enter Senate
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No Special Circumstances to allow Excess Super Contributions
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Housing tax measures progress to Parliament
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AirBnb – wrong tax outcome?
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Are young investors wasting their youth?
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ATO sending 'more letters than ever' on income tax errors
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Powerful Budgeting, cash flow and Super Tools available on our site.
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Property, unit trusts in ATO's sights
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Australian Dietary Guidelines and healthy eating chart (PDF)
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Major Bank Levy Passed
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NSW tops list as ATO reveals billions in lost super
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Australia's leading causes of death - ABS
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How is your super going, ready for retirement?
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ATO increasing data exchange with international regulators
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Illegal SMSF early access scheme leads to $6,000 fine
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Our 'hardest' SMSF tasks
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Uber drivers hit for 10% tax
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Lack of literacy promotes unrealistic goals
Article archive
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
No Special Circumstances to allow Excess Super Contributions

Another case confirms that taxpayers making large superannuation contributions need to be diligent.

 

 

The Administrative Appeals Tribunal denied a taxpayers request to ignore excess contributions tax.

The taxpayer claimed that her situation and the complexity of her superannuation arrangements, meant that special circumstances should allow the Commissioner to overlook her excess contributions.

She had contributed what she thought was the maximum in year one and used the bring forward rule to contribute $450,000 in the year two.  She argued that part of the complexity was an industry fund, a defined benefit fund and her SMSF.  Having exceeded the maximum concessional contributions in year one, the bring forward rule was not available in the year two.  

The tribunal considered that her superannuation arrangements were not out of the ordinary and emphasised her failure to seek advice and disregard reports from her superannuation fund, in favour of spreadsheets prepared by her husband.

The decision is quite predictable, again emphasising great care when endeavouring to take maximum advantage of tax concessions.

 

 

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