Division 293 and super guarantee amnesty
Contributions made under the super guarantee (SG) amnesty will not count towards your income or contributions for Division 293 purposes.
In most cases, these amounts will have already been excluded from your Division 293 calculation and you do not need to do anything.
The SG amnesty contributions we have excluded can be located on page three of your Division 293 notice of assessment, under the heading ‘Division 293 super contributions’. These will be shown as a ‘Transferred to Reserves strategy’ amount that is subtracted from your total concessional contributions.
If you disagree with your assessment, you may consider lodging an objection.
If your amnesty contributions include a late payment offset amount
If your employer made contributions to your fund and has now claimed a late payment offset (LPO) that is included under the SG amnesty these amounts will not have been excluded from your Division 293 calculation.
If you believe your Division 293 assessment includes these SG amnesty LPO amounts, you can request a simplified review of this assessment rather than lodging an objection.
To do this, you will need to know the financial year the LPO amount was contributed to your fund. If you don’t know you can ask your employer. This is the year for which we will review your Division 293 calculation.
When you have this information, you can call us on 13 10 20.
Division 293 tax is the tax paid by high income individuals, which reduces the superannuation tax concession they receive.