Around 10.5 million people make contributions to their superannuation fund each year and remain under their contribution caps. This year, we issued over 10,000 assessments, raising over $30 million in liabilities against people who exceeded the caps. This represents only 0.1% of people who make a contribution to their superannuation fund.
The refund of excess concessional contributions commenced on 1 July 2012. This provided eligible individuals with the option of having excess concessional contributions taken out of their superannuation fund and assessed as income at their marginal rate of tax, rather than incurring excess contributions tax. In 2012–13, we issued over 11,500 offers and, of these, almost 3,400 individuals accepted. The offers that weren't accepted lapsed and an excess contributions tax assessment was issued.
Since March 2013, system issues affected our ability to generate assessments and amendments. While the system was unavailable, we progressed a small number of cases manually and are on track for a staged release of cases in the new financial year, ensuring impacts on our clients are minimised. We kept key stakeholders, including funds and tax agents, informed of the delays.