Relief If You Contributed Too Much To Your Super Fund

Dated: May 2011

There are limits on the amount you can contribute to your superannuation fund each year - one for concessional contributions and a separate one for non-concessional contributions.

Due to reductions in the limits over the last couple of years, there has been an increase in the number of people breaching these limits.

As part of its 2011/12 Budget, the Government announced that anyone who breaches the concessional cap can request for the excess to be returned to them.

Depending on the circumstances, a breach can result in losing up to 93% of the excess in tax. So whilst the announcement is welcomed, it is best to plan appropriately in order to avoid the situation in the first place.

There are requirements to be met and limits that apply, so we encourage you to contact us immediately if you find yourself in this situation.