Excess contributions tax and how funds report your contributions

Funds must report to us the contributions and reportable allocations from reserves that are made to all your super accounts in a financial year.

Although the first home saver account (FHSA) scheme has now been repealed, any contributions that were transferred to a super fund previously will have been reported to us by your FHSA provider. This includes if your spouse or ex-spouse contributed an amount to your super from their FHSA because of a family law obligation.

From 1 July 2015 when the repeal took effect, any FHSA amounts that you choose to contribute to your super fund will still be treated as non-concessional contributions and will count towards your non-concessional contributions cap.

We use these reports, information from your income tax return and our data about any FHSA government contribution we have paid you to work out if you have exceeded a super contributions cap.

If we find that you have exceeded a super contributions cap, we will issue you an excess contributions tax (ECT) notice of assessment.

The cap amount, and how much extra tax you pay once you exceed it, depends on whether the contributions are concessional (before tax) or non-concessional (after tax).

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    Last modified: 10 Oct 2016QC 21756