# Super contributions - too much super can mean extra tax Introduction

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11 Using our income test calculators If the amount above results in an increase and you want to use an ATO calculator to determine the full impact on your circumstances, you will need to do the following: Step 1: Add the amount of the refund offer to the income figure you use for the test Step 2: Minus the amount of your refund offer from your reportable employer super contributions or reportable super contributions (the figure you use depends on which test you are using). The resulting figure cannot be less than zero. Using these new figures in the calculators will allow you to determine what (if any) impact there is on your individual circumstances. For information on income tests and relevant calculators, refer to: Income tests: an overview Income tests and how they affect you Super co-contribution. Calculating the full impact can be complex. We recommend you seek professional independent financial advice. Examples: The effect of accepting the refund offer on adjusted taxable income (ATI) Example: No reportable employer super contributions or reportable super contributions Julie (aged 49) works two jobs and has a total income for the financial year of \$300,000. Julie's total super guarantee contributions from both jobs is \$27,000 (9% of \$300,000). Julie did not make any additional salary sacrificed contributions (or reportable super contributions). Julie's concessional (before-tax) contributions cap is \$25,000. Julie's excess concessional (before-tax) contributions amount is \$2,000 (\$27,000 - \$25,000). Julie's total income for income test purposes is \$300,000. Julie chooses to accept her once-only refund offer of \$2,000 instead of paying excess contributions tax. The amount of Julie's refund offer \$2,000 minus either her reportable: - \$0 employer super contributions super contributions. The figure she uses depends on which income test she wants to check. equals the amount of increase to income used by the test =\$2,000 (This figure cannot be less than zero) To calculate the effects, Julie does the following calculation: Step 1: add the amount of the refund offer (\$2,000) to her taxable income from prior to the refund offer (\$300,000) for a taxable income total of \$302,000. Step 2: minus the amount of her refund offer (\$2,000) from her reportable employer super contributions or reportable super contributions (\$0) with a result of -\$2,000. As the amount cannot be less than zero she will put \$0 into the calculators as her reportable employer super contributions or reportable super contributions 11/22

15 Example: Bring-forward provision Non-concessional (after-tax) contributions The cap Balance of the cap In 2010 financial year John (57 yrs) makes a non-concessional (after-tax) contribution into his super fund of \$152,000 In 2011 financial year John makes a non-concessional (after-tax) contribution into his super fund of \$450,000 The cap for 2010 was \$150,000 or \$450,000 over three years. As John has gone over the yearly cap amount by \$2000, he automatically triggers the bringforward provision. With the bringforward provision triggered, he will not receive an excess contributions tax assessment for the excess \$2000 Given John only has a remaining cap balance of \$298,000 the ATO considers that by making a contribution of \$450,000 he has gone over the cap by \$152,000 The balance of the nonconcessional cap available to John for the next two years is \$298,000 (\$450,000 - \$152,000 = \$298,000) John's total non-concessional contributions for 2010 and 2011 financial years is \$602,000 Cap = \$450,000 An excess contributions tax assessment will be raised on the excess amount of \$152,000 at a rate of 46.5%, creating a tax liability of \$70,680 Excess = \$152,000 If you are unsure if you have previously triggered the bring-forward provision, or you are considering making a large contribution, phone us on to discuss. Example: Not eligible for the bring-forward provision Bernard was 65 years old on 1 July of the financial year. He contributed \$100,000 in October and \$100,000 in April of the financial year, giving him total personal contributions of \$200,000. As he is not eligible for the bring-forward, Bernard has gone over his non-concessional (after-tax) contributions cap by \$50,000 and will have to pay excess non-concessional (after-tax) contributions tax on this amount. Example: Excess non-concessional contributions Sandra (53 years old) contributes \$160,000 to her super during a financial year. This triggers the bring-forward because it's higher than the non-concessional (after-tax) contributions cap amount of \$150,000. Sandra can contribute up to \$290,000 (\$450,000 - \$160,000 = \$290,000) over the next two years without paying the excess non-concessional (after-tax) contributions tax. Example: A single contribution Glen (60 years old) contributes \$450,000 in a single contribution into his super. This triggers the bring-forward. Over the next two years if he contributes any more non-concessional (after-tax) contributions to his super he'll have to pay excess non-concessional (after-tax) contributions tax (\$450,000 - \$450,000 = \$0). Example: Turning 65 Trevor is retired and makes a contribution of \$400,000 in the financial year he turns 65. He didn't need to meet the work test to make the contribution as he was under 65 at the time he made the contribution. After he turns 65, Trevor can't make any further contributions to use up the remainder of his bring-forward cap (\$450,000 - \$400,000 15/22

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