Refund of excess contributions
You may now be able to have limited excess concessional contributions that breach your concessional contribution cap taken out of your super fund.
The refunded amount will be taxed at your marginal tax rate instead of the excess contributions tax rate (31.5% in addition to the 15% contributions tax). However, it is only available for excess contributions of up to $10,000. This measure will apply for first time cap breaches only and for contributions made in 2011/12 onwards.
The ATO will assess your eligibility and write to you regarding your options. As such, you cannot apply for the offer. Please note that the refund is managed by the ATO, not your super fund.
For more information please contact the ATO.