Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)

Schedule 1   Fairer taxation of excess concessional contributions

Part 3   Other consequential amendments

Income Tax Assessment Act 1997

23   After subsection 292-90(1)


Modification for released excess concessional contributions

(1A) However, if:

(a) you make a valid election under section 96-5 in Schedule 1 to the Taxation Administration Act 1953 in relation to *excess concessional contributions you have for the *financial year; and

(b) a *superannuation provider pays an amount in relation to the release authority issued under section 96-10 in that Schedule in relation to that election;

the amount paid is first increased, by dividing it by 85%, and the increased amount is applied to reduce the amount of excess concessional contributions mentioned in paragraph (1)(b) of this section.

Non-concessional contributions and amounts