My employer has just advised they have been making incorrect over payments into my superannuation for the last 4 years.
This apparently stopped in 2023, but they only advised me now in June 2024.
This extra payments pushed my superannuation contributions over the yearly threshold, resulting in me having too pay additional tax each year.
My super fund also under performed and lost money, meaning approx 2 months ago I changed funds.
I have obviously been paying accounting fee’s on my super, withdrawn savings to pay cover additional super tax (thus meaning my home loan is higher than it should be) and I gather other taxable income conflicts.
My employee has requested a lump sum repayment from my super or from my sales commission.
Do I have to pay this back and what amount due to the financial impacts this has already and will cost me in future ?
253 views
1 replies