I have exceeded my concessional super contributions by $12k, and am ineligible to use the carry forward rule. I have $11,432 in super (so not enough to cover the excess contributions) and the super fund advises I must keep $6k balance to keep the account open. If I release $5k from my super fund, will I need then need to pay the balance directly to the ATO, or should I top up my super to make up the $12k and then elect to release the $12k?
Hi @Tiffytaffy,
When you exceed your concessional contributions cap, you'll receive an excess concessional contributions determination from us. If you can't use the carry-forward rule, the excess amount is added to your taxable income and taxed at your marginal rate. You have two options (which you’ll find in the link above).
Either way, you'll need to wait for our determination letter before making any decisions. We'll include a voluntary release authority with your notice of assessment that you can use to withdraw funds.
Thank you :)
20 June 2024 · 3 min read time
6 Feb 2026 · 4 min read time
24 Aug 2025 · 3 min read time
144 views
2 replies