Background:
We have a member who has maximised their concessional contributions (inclusive of catch up contribution caps) in the 22/23 financial year however they unknowingly exceeded the concessional contribution cap by $16.
In the same financial year they also made a Non-concessional contribution of $110k.
The issue however is that the excess $16 concessional contribution (Which we were not aware of until now) has been treated as non-concessional by the ATO, so it has triggered bring forward in the 22/23 financial year.
As we were not aware of the excess $16 until now, the member made a Non-concessional contribution of $330k in the 23/24 financial year. It was intended to trigger the bring forward in the 23/24 financial year not the 22/23 financial year due to the excess $16.
Question:
Is there a way to go back and have the excess $16 treated as excess concessional contribution and either released or the member can pay tax on the additional, rather than it being treated as a non-concessional contribution?
The concessional contribution was made to a SMSF which has since been closed so not sure if that further complicates matters.
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