Lawyer warns against deliberate excess contributions refunds
SMSF practitioners have been cautioned against the deliberate use of excess non-concessional contributions refunds as a way of reducing the taxable component of their clients’ super funds, as the practice could result in significant penalties.
DBA Lawyers special counsel Rebecca James said that with the government’s proposed $500,000 non-concessional contributions cap ruling out any re-contribution and withdrawal strategies, SMSF practitioners may be tempted to engage with this potentially risky approach
Read the full story at SMSF Adviser.
