• Exercises

    Exercise 17

    Is the following statement true or false?

    A refund offer will be made to an eligible person who contributes less than $10,000 in excess concessional contributions during the 2013-14 income year, if they have not had excess concessional contributions in an earlier income year.

    Answer 17 

    Exercise 18

    Select the correct response.

    During the 2010-11 to 2012-13 income years, Zoe makes the following excess concessional contributions to her super fund:

    • $9,750 in the 2010-11 income year
    • $12,500 in the 2011-12 income year
    • $8,750 in the 2012-13 income year.

    In which income year will Zoe be eligible for a refund offer?

    (a) 2010-11

    (b) 2011-12

    (c) 2012-13

    (d) None of the above

    Answer 18 

    Exercise 19

    Is the following statement true or false?

    An eligible person who has received a refund offer must formally reject the offer within 28 days after the issue date of the offer. Failure to reject the offer will be considered to be an acceptance of the offer and excess contributions will be refunded and included in their assessable income for the relevant income year.

    Answer 19

    Exercise 20

    Is the following statement true or false?

    A person eligible for a refund offer can choose how much of their excess concessional contributions they would like refunded?

    Answer 20

    Exercise 21

    Select the correct response.

    Amy has excess concessional contributions of $8,295 in the 2011-12 income year. It is determined that Amy is eligible for a refund offer, which she accepts.

    What amount is mostly likely to be included on the refund release authority issued to her super fund?

    (a) $5,962.50

    (b) $7,050.75

    (c) $6,636.30

    (d) $1,244.25

    Answer 21 

    Exercise 22

    Is the following statement true or false?

    A determination is made that Pat is eligible for a refund offer, which she accepts, and a refund release authority is issued to her super fund.

    Before receiving the released funds, additional information is received that increases Pat's excess concessional contributions for the income year, however her total excess concessional contributions are not greater than $10,000.

    The original determination must be varied to represent the correct amount of excess concessional contributions for the income year.

    Answer 22

      Last modified: 22 Nov 2013QC 34181