The First Attempt at a solution - "Once Only" Get of Gaol Card

The first attempt (Attempt No 1) at solving the problem of excess contributions was only applied to the excess concessional contributions. For the financial years 2011/12 and 2012/13, a taxpayer who exceeded the concessional contributions cap by $10,000 or less had a once-only opportunity to have the excess contributions refunded.

Eventually the Government conceded that Attempt 1 was ineffective and, like the determined Coyote, went back to the ACME drawing board.

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