By taxconnect on
Wednesday, May 25, 2011
On 10 May 2011, Deputy Prime Minister and Treasurer Wayne Swan MP announced the Federal Budget for 2011-12. The Budget contained a number of items that apply to superannuation, in particular excess contribution tax.
Eligible individuals will be provided with the option to have excess concessional contributions refunded out of their superannuation funds. Refunded amounts will be taxed at the individual’s marginal tax rate, rather than paying excess contributions tax.