INCOME TAX ASSESSMENT ACT 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
Division 293
-
Sustaining the superannuation contribution concession
Subdivision 293-B
-
Sustaining the superannuation contribution concession
Low tax contributions
SECTION 293-30
Low tax contributed amounts
293-30(1)
The low tax contributed amounts covered by this section for a * financial year are the sum of the contributions covered by subsection (2) and the amounts covered by subsection (5) for the financial year.
A contribution is covered under this section for a * financial year if:
(a) it is made in the financial year to a * complying superannuation plan in respect of you; and
(b) it is included:
293-30(3)
For the purposes of paragraph (2)(b), disregard:
(a) table item 5.3 in section 50-25 (about income tax exemption for constitutionally protected funds); and
(b) Subdivision 295-D (about excluded contributions). Exceptions 293-30(4)
Despite subsection (2), a contribution is not covered under this section if it is any of the following:
(a) an amount mentioned in subsection 295-200(2) (about amounts transferred from foreign superannuation funds);
(b) an amount mentioned in item 2 of the table in subsection 295-190(1) (about certain roll-over superannuation benefits). Amounts allocated in relation to a complying superannuation plan 293-30(5)
An amount in a * complying superannuation plan is covered under this section if it is allocated by the * superannuation provider in relation to the plan for you for the * financial year in accordance with conditions specified by a regulation made for the purposes of subsection 291-25(3) .
View history note
Hide history noteThe low tax contributed amounts covered by this section for a * financial year are the sum of the contributions covered by subsection (2) and the amounts covered by subsection (5) for the financial year.
Note:
Low tax contributed amounts covered by this section are modified for State higher level office holders (see Subdivision 293-E ).
Contributions to complying superannuation plans 293-30(2)A contribution is covered under this section for a * financial year if:
(a) it is made in the financial year to a * complying superannuation plan in respect of you; and
(b) it is included:
(i) in the assessable income of the * superannuation provider in relation to the plan; or
(ii) by way of a * roll-over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290-170(5) (about successor funds).
For the purposes of paragraph (2)(b), disregard:
(a) table item 5.3 in section 50-25 (about income tax exemption for constitutionally protected funds); and
(b) Subdivision 295-D (about excluded contributions). Exceptions 293-30(4)
Despite subsection (2), a contribution is not covered under this section if it is any of the following:
(a) an amount mentioned in subsection 295-200(2) (about amounts transferred from foreign superannuation funds);
(b) an amount mentioned in item 2 of the table in subsection 295-190(1) (about certain roll-over superannuation benefits). Amounts allocated in relation to a complying superannuation plan 293-30(5)
An amount in a * complying superannuation plan is covered under this section if it is allocated by the * superannuation provider in relation to the plan for you for the * financial year in accordance with conditions specified by a regulation made for the purposes of subsection 291-25(3) .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.