The First Attempt at a solution - "Once Only" Get of Gaol Card
5 February 2015
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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