Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-C - Excess non-concessional contributions tax  

SECTION 292-90.01   NON-CONCESSIONAL CONTRIBUTIONS FOR A FINANCIAL YEAR  

292-90.01(1)  
For the purposes of paragraph 292-90(4)(a) of the Act, this section specifies conditions for the allocation of an amount in a complying superannuation plan.

Note:

If the amount meets the conditions of this section it will be an amount covered by subsection 292-90(4) of the Act. Such amounts are counted in determining an individual ' s non-concessional contributions for a financial year.

292-90.01(2)  
The conditions are that the amount is:

(a)  allocated under Division 7.2 of the SIS Regulations; and

(b)  not an assessable contribution; and

(c)  not covered by subsection (3).

292-90.01(3)  
Each of the following amounts is covered by this subsection:

(a)  a Government co-contribution made under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 ;

(b)  a contribution covered under section 292-95 of the Act;

(c)  a contribution covered under section 292-100 of the Act, to the extent that it does not exceed the CGT cap amount when it is made;

(d)  a contribution made to a constitutionally protected fund (other than a contribution included in the contributions segment of the member ' s superannuation interest in the fund);

(e)  contributions not included in the assessable income of the superannuation provider in relation to the superannuation plan because of a choice made under section 295-180 of the Act;

(f)  a contribution that is a roll-over superannuation benefit;

(g)  the tax free component of a directed termination payment (within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 ) made in the financial year on behalf of the member.




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