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Date of article: 6 October 2011
Last updated: 6 October 2011

Excess contributions tax statistical report

The Australian Taxation Office (ATO) recently released data on excess contributions tax, providing insight into its effect.

The data are current as at 8 May 2008 and covers the transitional period (between 10 May 2006 and 30 June 2007), 2007-08 and 2008-09. The ATO is part way through 2009-10 and the data are incomplete.

  • Over 17,000 taxpayers were issued with excess contributions tax assessments with total tax liabilities of $163.1m for the 2008-09 year. Down from 2007-08 year where 21,137 taxpayers were issued with excess contributions tax assessments totalling $177.9m.
  • Over 1,800 taxpayers were issued with excess non-concessional contributions tax assessment for breaching the transitional cap of $1m between 10 May 2006 and 30 June 2007, with total tax liabilities of $53.4m.
  • For the 2008-09 year, 225 applications were lodged to have the excess contributions disregarded or reallocated with 7 applications successful (approximately half finalised) representing a success rate of 6%. Down significantly from 2007-08 year where 1,100 applications were lodged with 146 applications successful (approximately 80% finalised) representing a success rate of 17%.

The details:

Excess concessional contributions

15,035 assessments issued for excess concessional contributions for 2008-09 year raising $72.5m (2007-08 year: 18,607 assessments raising $85.4m).

For 2008-09 year - average was $4,822, median was $1,993.

For 2007-08 year - average was $4,589, median was $1,923.

Excess non-concessional contributions

2,019 assessments issued for excess non-concessional contributions for 2008-09 year raising $71.8m (2007-08 year: 2,089 assessments raising $$75.0m).

For 2008-09 year - average was $35,562, median was $17,623.

For 2007-08 year - average was $35,902, median was $11,625.

Both

391 assessments issued for both excess concessional and non-concessional contributions for 2008-09 year raising $18.8m (2007-08 year: 441 assessments raising $17.5m).

For 2008-09 year - average was $48,081, median was $6,913.

For 2007-08 year - average was $39,682, median was $4,880.

Don't be part of the statistics. Monitor your superannuation contributions. Remember that concessional contributions cap includes the 9% SGC!

 

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