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    Excess concessional contributions tax

    A person may withdraw an amount up to the amount of their excess concessional contributions tax liability from their super interests in complying super plans. A person may give the release authority to any complying super fund that holds a super interest for them.

    The release authority does not have to be presented to the super fund that received the excess concessional contributions for the relevant income year.

    For example, if a person receives an excess concessional contributions tax assessment for $450, they could choose to have $300 released from their super fund and pay the balance of $150 from money outside of super.

    The release authority for excess concessional contributions expires within 90 days after the date of the release authority (that is, it does not meet a condition of release if given to a super fund more than 90 days after the date of issue).

    Excess non-concessional contributions tax

    A person must withdraw an amount equal to their excess non-concessional contributions tax liability from a super interest they hold in a complying super plan by providing the release authority to the super funds within 21 days after the date of the release authority.

    Failure to comply with this requirement may result in the person being liable for an administrative penalty under section 288-90 of Schedule 1 of the TAA.

    For example, if a person receives an excess non-concessional contributions tax assessment for $450 the entire amount must be released from the super system. However the person can have $250 released from one fund and the balance of $200 released from a different fund.

      Last modified: 06 Sep 2017QC 34181