Taxpayer hit with 93% Tax on Excess Superannuation Contribution
Note: A taxpayer, whose employer failed to transfer funds into her super fund account at the end of the financial year, has been hit with excess contributions tax of 93% when those contributions were received by the fund in the following year. This is another glaring example of how things can go wrong if they are not correctly attended to at the end of the financial year.
Clients who are considering super contributions at year end should consider speaking to us first.