ATO Excess Concessional Contribution determination notices

​​Update @ 28 July 2020

 
The ATO has issued ​Excess Concessional Contribution Determination assessment letters relating to the 2018-19 financial year to some members of defined benefit funds in error.​

 
If you have received one of these notices, the ATO have advised that they have already rectified RBF members.  You will received an amended determination letter from the ATO (please note this may be delayed due to income tax processing).

 
The ATO has advised that you should be able to view the amended details via myGov early next week or you can call the ATO directly on 131020 to confirm.


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Update @ 10 January

We were advised by the ATO on 9 November 2019 that the ATO had recalculated your Notional Taxed Contribution amount based on the correct information.

We have recently been made aware by the ATO that whilst your Grandfathering flag which relates to your Notional Taxed Contributions (Concessional Contribution) cap was re-reported to the ATO, the ATO is yet to recalculate your Notional Taxed Contributions. This means that you may not have received a revised Excess Concessional Contribution determination notice from the ATO. The timing of this work is a matter for the ATO, and our understanding is that this will be attended to in the near term.

If you have received an excess concessional contribution assessment from the ATO and have not as yet had a revised determination, we suggest you contact the ATO on 13 10 20 to confirm whether you are able to disregard that notice whilst an updated determination notice is issued.

As noted above, we have confirmed with the ATO that updated reporting has been received by it from us.

We sincerely apologise for any inconvenience caused. If you have any questions, please don't hesitate to contact the RBF Enquiry Line on 1800 622 631.​​​​​​


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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.

Further information can be found in the Calculating notional taxed contributions factsheet​, located on our Forms and publications page.

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.​

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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.​



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