ATO resolves system issue affecting additional tax on concessional contributions
The ATO has recently resolved an issue affecting the assessment of funds receiving additional tax on concessional contributions.
The ATO has recently issued approximately 30,000 Division 293 assessments for the 2019 and 2020 financial years.
Division 293 assessments have been issued due to an ATO systems fix where closed accounts were not included in Division 293 assessments for the 2019 and 2020 financial years.
Due to a system issue, the ATO said the concessional contributions reported for these financial years were not included in Division 293 assessments where that super account was also reported as closed during that financial year.
“This issue was resolved in June 2021 with applicable concessional contributions now included in Division 293 assessments. This has resulted in affected members receiving an initial or amended Division 293 assessment,” the ATO said.
“Scripting has been published and members who contact us are being advised the assessment they have received is correct, and the assessment now includes the concessional contributions they made to a super account that has been closed.
“If you have further enquiries on this matter, lodge a request using the Super Enquiry Service.”
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
