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.

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).

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);

(c) an amount that the Commissioner pays for your benefit under Part 8 of the Superannuation Guarantee (Administration) Act 1992 , if:

(i) the amount represents an amount of a charge payment (within the meaning of section 63A of that Act) paid as a result of a disclosure to which paragraph 74(1)(a) of that Act applies; and

(ii) the entity making the disclosure qualified, under section 74 of that Act, for an amnesty in relation to the *superannuation guarantee shortfall to which the charge payment relates;

(d) an amount that an entity contributes for your benefit that is offset, under section 23A of that Act, against the entity ' s liability to pay superannuation guarantee charge (within the meaning of that Act), if:

(i) the amount represents an amount of a superannuation guarantee charge covered by a disclosure to which paragraph 74(1)(a) of that Act applies; and

(ii) the entity qualified, under section 74 of that Act, for an amnesty in relation to the superannuation guarantee shortfall to which the superannuation guarantee charge relates.

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) .