Exercise 14

Choose the correct response.

Under section 292-385 of the ITAA 1997, ECT is due and payable how long after the Commissioner gives the person a notice of assessment:

a. 14 days

b. 21 days

c. 30 days

d. 60 days

Answer 14 

Exercise 15

Is the following statement true or false?

If a person accesses more than the amount authorised for release, that amount will be included in their assessable income and taxed at 31.5%.

Answer 15 

Exercise 16

Choose the correct response.

In which of the following situations can the Commissioner present a release authority for excess non-concessional contributions tax directly to one or more super funds that hold a super interest (other than a defined benefit interest) for a person if:

a. the person does not give the release authority to a super fund holding their super interest in a complying super plan within 60 days after the date of the release authority

b. the total of the amounts (if any) paid by super funds in relation to the release authority is less than excess non-concessional contributions tax stated in the release authority

c. the total value of the defined benefit interests held for the person by a super fund to which the release authority has been given is less than the excess non-concessional contributions tax stated in the release authority.

Answer 16 

    Last modified: 22 Nov 2013QC 34181