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

Schedule 1   Fairer taxation of excess concessional contributions

Part 4   Repeal of excess concessional contributions tax

Income Tax Assessment Act 1997

68   Subsection 292-465(1)

Repeal the subsection, substitute:

(1) If you make an application in accordance with subsection (2), the Commissioner may make a written determination that, for the purposes of this Division, all or part of your *non-concessional contributions for a *financial year is to be:

(a) disregarded; or

(b) allocated instead for the purposes of another financial year specified in the determination.