ATO Excess Concessional Contribution determination notices

Update @ ​​12 November:

We can confirm that we have re-reported the correct information to the ATO and have been advised that on 9 November 2019 the ATO recalculated your N​otional Taxed Contribution amount based on the correct information.
 
If you have received an excess concessional contribution assessment from the ATO, we suggest you contact the ATO on 131020 to confirm if you can now disregard this notice whilst an updated determination notice is issued.

We will also be contacting all affected members over the coming days to confirm re-reporting to the ATO.

Again, we apologise for any inconvenience or concern this may have caused. Please don’t hesitate to contact us on 1800 622 631 if you have any further queries.​

Published 7 November:

This issue is relevant to any Contributory Scheme members that exceed the Concessional Contributions Cap of $25 000 for the financial year (note that this may also impact Division 293 assessments).  

You may have received an Excess Concessional Contribution determination letter from the ATO relating to your RBF account, in error.

We are in the process of re-reporting Notional Taxed Contributions (NTC) to the ATO, capping the NTC value to $25 000 according to the grandfathering arrangements.  Following this re-report, the ATO will be in a position to reconsider member’s determinations.

Importantly, there has been no change to the existing Concessional Contribution Caps and grandfathering provisions for RBF.

It is regrettable that re-reporting has been required, and we apologise for any inconvenience or concern this may have caused.

Please don’t hesitate to contact us on 1800 622 631 if you have any further queries.​



Back Home