Superannuation Alert 10.12.15

Financial Services eBulletin - 10 December 2015

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

  • On 30 November 2015, the AAT handed down its decision in Re Ward and Commissioner of Taxation [2015] AATA 919. In Re Ward, the applicant appealed the decision of the Commissioner to refuse to exercise his discretion under section 292-465 of the Income Tax Assessment Act 1997 (Cth) to disregard or re-allocate excess non-concessional contributions, after the applicant received a $209,250 tax assessment for the 2010-11 year. The Tribunal ultimately held that the circumstances, which involved the applicant (who was a low income earner forced to retire early) exceeding the non-concessional contributions cap over 3 years by an amount of $450,000 without appreciating the adverse tax consequences, did not constitute "special circumstances" for the purposes of section 292-465 of the ITA97, and so upheld the Commissioner's decision to refuse to exercise his discretion.

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