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.