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Hot Issues
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In case you missed it – The company tax Bill that did pass Parliament.
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Update of Australia's vital statistics
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ATO’s corporate residency guidance cops backlash
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ATO dispels top tax time myths to clients as clampdown rolls out
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Tools for budgeting, cash flow, Super and more ….
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Guidance for SMSFs on transfer balance reporting
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Salary sacrifice integrity
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Understanding the evolution of blockchain and cryptocurrencies
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Update to Australia's vital statistics
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Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
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SMSFs - Our 'hardest' jobs
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Tax Office reveals adventurous, dubious claims ahead of tax time
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ATO reveals top tax time mistakes, set to contact 1 million taxpayers
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Watch out for charges with incoming GST laws.
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Super savings gap for women stuck at 30%
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‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
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Statistics for all Australians
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Touch Payroll (STP)
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‘Calm before the storm’: Government proposes 12-month SG amnesty
Article archive
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Quarter 2 April - June 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 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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