The Second Attempt - Coyote finally gets the Roadrunner

The Government conceded the limitations of the First Attempt and then introduced a new system which applied to excess concessional contributions made on or after 1 July 2013.  

Under this system the amount of excess concessional contributions is included in the assessable income of the taxpayer and taxed at their marginal rates (thereby reversing the previous tax deduction for the excess concessional contribution). A tax offset of 15% is provided to reflect the fact that the excess contributions were subject to 15% in the hands of the superannuation fund. This offset is not refundable.

Additionally, a non-deductible charge is imposed which reduces the effect of any financial advantage which arising from exceeding the concessional contribution cap.  
The taxpayer may elect to have 85% of the excess concessional contributions released from their superannuation accounts and paid to the ATO. If the taxpayer does not elect to release amounts from their superannuation account, the taxpayer must pay the assessed tax from their own resources.