{"id":5037,"date":"2014-05-14T13:55:47","date_gmt":"2014-05-14T03:55:47","guid":{"rendered":"http:\/\/www.dbalawyers.com.au\/?p=5037"},"modified":"2014-05-14T13:55:47","modified_gmt":"2014-05-14T03:55:47","slug":"great-news-budget-excess-non-concessional-contributions-tax","status":"publish","type":"post","link":"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/","title":{"rendered":"Great news in the budget \u2014 excess non-concessional contributions tax!"},"content":{"rendered":"<div><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2014\/05\/Great-news-in-the-budget.jpg\" alt=\"Great-news-in-the-budget\" width=\"300\" height=\"198\" class=\"alignright size-full wp-image-5038\" \/><\/div>\n<p>There was some great news in last night&#8217;s budget!<\/p>\n<p>The government made the following announcement regarding excess non-concessional contributions:<\/p>\n<p class=\"small-text indent-text\">The Government will allow individuals the option of withdrawing superannuation contributions in excess of the non-concessional contributions cap made from 1 July 2013 and any associated earnings, with these earnings to be taxed at the individual\u2019s marginal tax rate. Final details of the policy will be settled following consultation with key stakeholders in the superannuation industry.<\/p>\n<p class=\"small-text indent-text\">This measure delivers on the Government\u2019s election commitment to develop an appropriate process that addresses all inadvertent breaches of the contribution caps where the error would result in a disproportionate penalty.<\/p>\n<p class=\"small-text indent-text\">This measure is estimated to have a cost to revenue of $40.1 million over the forward estimates period.<\/p>\n<p>Excess contributions tax has hit many Australians hard since it was first introduced in 2006-07 and this change is welcome news. The details of the proposal will be settled following consultation with key stakeholders in the superannuation industry. Our firm is likely to be represented in this process and has been assisting many taxpayers adversely affected by excess contributions tax system since its introduction.<\/p>\n<p>We will be discussing the strategic implications of this at our current SMSF Strategy Seminars, running right now. For more information or to register see <a href=\"http:\/\/www.dbanetwork.com.au\/dbalawyers\/seminars3\/face2face\/SMSF-Strategy-Seminars.html\" target=\"_blank\">http:\/\/www.dbanetwork.com.au\/dbalawyers\/seminars3\/face2face\/SMSF-Strategy-Seminars.html<\/a>)<\/p>\n<p class=\"aligncenter\">* * *<\/p>\n<p>This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.<\/p>\n<div class=\"printfriendly pf-button  pf-alignleft\"><a href=\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/?pfstyle=wp\" rel=\"nofollow\"  title=\"Printer Friendly, PDF & Email\"><img decoding=\"async\" class=\"pf-button-img\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-pdf-button.png\" alt=\"Print Friendly, PDF & Email\" style=\"width: 112px;height: 24px;\"  \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>There was some great news in last night&#8217;s budget! The government made the following announcement regarding excess non-concessional contributions: The Government will allow individuals the option of withdrawing superannuation contributions in excess of the non-concessional contributions cap made from 1 July 2013 and any associated earnings, with these earnings to be taxed at the individual\u2019s [<a class=\"read-more\" href=\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/\">read more<\/a>]<\/p>\n","protected":false},"author":11,"featured_media":5038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,28,40],"tags":[],"ppma_author":[136],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Great news in the budget \u2014 excess non-concessional contributions tax! | Leading SMSF Law Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bryce Figot\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/\",\"url\":\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/\",\"name\":\"Great news in the budget \u2014 excess non-concessional contributions tax! | Leading SMSF Law Firm\",\"isPartOf\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2014\/05\/Great-news-in-the-budget.jpg\",\"datePublished\":\"2014-05-14T03:55:47+00:00\",\"dateModified\":\"2014-05-14T03:55:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/21df751f40981297a0f6417071b6a63e\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/great-news-budget-excess-non-concessional-contributions-tax\/#primaryimage\",\"url\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2014\/05\/Great-news-in-the-budget.jpg\",\"contentUrl\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2014\/05\/Great-news-in-the-budget.jpg\",\"width\":300,\"height\":198},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/#website\",\"url\":\"https:\/\/www.dbalawyers.com.au\/\",\"name\":\"DBA Lawyers\",\"description\":\"Leading SMSF Law Firm\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.dbalawyers.com.au\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/21df751f40981297a0f6417071b6a63e\",\"name\":\"Bryce Figot\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/image\/a9a812be4056bdc150ca270634702d72\",\"url\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2024\/03\/bryce.jpg\",\"contentUrl\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2024\/03\/bryce.jpg\",\"caption\":\"Bryce Figot\"},\"description\":\"Bryce is also recognised as one of Australia's leading SMSF lawyers. He has worked predominantly in the fields of tax and superannuation over the past 17 years and holds a Master of Laws from the University of Melbourne. Bryce is a regular seminar presenter on tax and SMSF topics and has published extensively in these areas. Bryce regularly presents for the major professional bodies including the SMSF Association, CPA Australia The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network. Bryce is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. Bryce wrote the book Complete Guide to SMSFs: Planning for Loss of Capacity and Death, published by CCH Wolters Kluwer. Bryce is on the editorial panel of LexisNexis' Australian Superannuation Law Bulletin. He is a Senior Fellow at the University of Melbourne's Law School, where he is the subject coordinator of Taxation of Superannuation. 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He has worked predominantly in the fields of tax and superannuation over the past 17 years and holds a Master of Laws from the University of Melbourne. Bryce is a regular seminar presenter on tax and SMSF topics and has published extensively in these areas. Bryce regularly presents for the major professional bodies including the SMSF Association, CPA Australia The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network. Bryce is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. Bryce wrote the book Complete Guide to SMSFs: Planning for Loss of Capacity and Death, published by CCH Wolters Kluwer. Bryce is on the editorial panel of LexisNexis' Australian Superannuation Law Bulletin. He is a Senior Fellow at the University of Melbourne's Law School, where he is the subject coordinator of Taxation of Superannuation. 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Bryce regularly presents for the major professional bodies including the SMSF Association, CPA Australia The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network.\r\nBryce is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. Bryce wrote the book Complete Guide to SMSFs: Planning for Loss of Capacity and Death, published by CCH Wolters Kluwer. Bryce is on the editorial panel of LexisNexis' Australian Superannuation Law Bulletin. He is a Senior Fellow at the University of Melbourne's Law School, where he is the subject coordinator of Taxation of Superannuation.\r\nBryce is a Specialist SMSF Advisor\u2122 as well as being a Chartered Tax Adviser."}],"_links":{"self":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts\/5037"}],"collection":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/comments?post=5037"}],"version-history":[{"count":0,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts\/5037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/media\/5038"}],"wp:attachment":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/media?parent=5037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/categories?post=5037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/tags?post=5037"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/ppma_author?post=5037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}