[The Auditors Institute Ltd]

Hello Dipak

Thanks for the question.

Where a super fund has received concessional contributions in excess of the concessional contributions cap, this is not a breach of the SIS Act or the SIS Regulations.  Hence, this would not give rise to a qualification of the audit report or to a contravention in an ACR.

There may be consequences in relation to excess concessional contributions for the fund member who has had a breach of their cap, in particular receiving an ECC determination letter where the excess concessional contributions are included in the fund member’s taxable income and a 15% non-refundable tax-offset arises.

Best regards

The Auditors Institute