Incorrect excess non-concessional contributions determinations
A number of SMSF taxpayers may have received incorrect excess non-concessional contribution determinations recently due to an ATO system error
If you have an SMSF in place, please note that a recent ATO system error may affect your contributions.
The ATO indicates that the error can arise where an individual's pension is incorrectly double counted when calculating their total superannuation balance.
This might occur where a SMSF has lodged transfer balance account reports (TBARs), reporting pensions with an effective date of 30 June 2017 and 1 July 2017.
The ATO is aware of the error and has put in place a fix which should mean that if a SMSF taxpayer does receive an incorrect determination, they (you) do not need to do anything, as an amended determination should be issued within four weeks.
However, if an amended determination does not issue within this time, we recommend that you contact to liaise with the ATO on your behalf.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.