02 9683 5999There is currently draft legislation under discussion which will allow superannuation fund members to apply for a refund of an excess contribution which breaches the concessional contributions cap, if the breach is a first time offence and the amount is less than $10,000.
This proposed change will allow members who have made an honest mistake an opportunity to avoid an additional 31.5% tax on the contribution. Under the current rules there are no provisions to refund any excess contributions made.
