Refund of excess concessional contributions

In the 2011-12 Federal Budget the government announced that, from 1 July 2011, individuals who breach the concessional contributions cap by $10,000 or less can request the excess contributions be withdrawn from their super fund and refunded to them. Those excess concessional contributions will be taxed at the individual's marginal tax rate.

This measure will only apply for first time breaches of the concessional cap and apply for contributions made in the 2011-12 year onwards.

Media release

For more information refer to the media release from the Assistant Treasurer and Minister for Financial Services and Superannuation, Superannuation - Reform of excess contribution regime gives Australians new powers to request refunds.

Legislation and supporting material

The following legislation received royal assent on 27 June 2012:

• Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012
• Explanatory Memorandum.

More information For more information, refer to: 2011-12 Federal Budget website Super contributions - too much super can mean extra tax.