Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 280
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Guide to the superannuation provisions
Contributions phase
SECTION 280-15
Contributions phase
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limits on superannuation tax concessions
280-15(1)
There is a limit to contributions that can be made in respect of an individual in a year that receive favourable tax treatment.
280-15(2)
If concessional contributions exceed an indexed cap, the excess is included in the individual ' s assessable income and gives rise to a tax offset. The individual can release the excess concessional contributions from his or her superannuation interests. Unused cap can be carried forward for 5 years.
280-15(3)
If non-concessional contributions exceed an indexed cap, the individual can request the release of either:
(a) nothing; or
(b) an amount equal to the sum of that excess and 85% of the associated earnings on that excess;
280-15(4)
In the absence of such a request, the Commissioner may require the relevant superannuation fund to release the amount described in paragraph (3)(b).
280-15(5)
The individual is taxed:
(a) on any shortfall between the amount released as described in subsection (3) or (4) and the excess referred to in subsection (3); or
(b) on that excess, if the individual requested that nothing be released from the individual ' s superannuation interests.
280-15(6)
The Commissioner may require the release of an amount equal to this tax liability from the individual ' s superannuation interests.
View history note
Hide history noteThere is a limit to contributions that can be made in respect of an individual in a year that receive favourable tax treatment.
280-15(2)
If concessional contributions exceed an indexed cap, the excess is included in the individual ' s assessable income and gives rise to a tax offset. The individual can release the excess concessional contributions from his or her superannuation interests. Unused cap can be carried forward for 5 years.
280-15(3)
If non-concessional contributions exceed an indexed cap, the individual can request the release of either:
(a) nothing; or
(b) an amount equal to the sum of that excess and 85% of the associated earnings on that excess;
from the individual ' s superannuation interests. Whether or not such a request is made, an amount relating to those associated earnings may be included in the individual ' s assessable income and may give rise to a tax offset.
280-15(4)
In the absence of such a request, the Commissioner may require the relevant superannuation fund to release the amount described in paragraph (3)(b).
Note:
This can be done under subsection 131-15(2) in Schedule 1 to the Taxation Administration Act 1953 .
280-15(5)
The individual is taxed:
(a) on any shortfall between the amount released as described in subsection (3) or (4) and the excess referred to in subsection (3); or
(b) on that excess, if the individual requested that nothing be released from the individual ' s superannuation interests.
280-15(6)
The Commissioner may require the release of an amount equal to this tax liability from the individual ' s superannuation interests.
Note:
This can be done under subsection 131-15(3) in Schedule 1 to the Taxation Administration Act 1953 .
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