Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)
Schedule 10 Administrative streamlining
Part 1 Release authority harmonisation
Division 2 Other amendments
Income Tax Assessment Act 1997
7 Section 292-1
Repeal the section, substitute:
292-1 What this Division is about
This Division limits the superannuation contributions made in a financial year that receive concessional tax treatment.
You become liable for tax if:
(a) your non-concessional contributions exceed an indexed cap; and
(b) a corresponding amount is not released from your superannuation interests.
An amount may be included in your assessable income, and you may become entitled to a tax offset, if your non-concessional contributions exceed that indexed cap.