INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 291 - Excess concessional contributions  

Subdivision 291-B - Excess concessional contributions  

Operative provisions

SECTION 291-15   291-15   Excess concessional contributions - assessable income, 15 % tax offset  


If you have * excess concessional contributions for a * financial year:


(a) an amount equal to the excess concessional contributions is included in your assessable income for your corresponding income year; and


(b) you are entitled to a * tax offset for that income year equal to 15 % of the excess concessional contributions.

Note 1:

This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63-10(1) .

Note 2:

You may be liable to pay excess concessional contributions charge: see Division 95 in Schedule 1 to the Taxation Administration Act 1953 .

Note 3:

You can request the release of excess concessional contributions from superannuation: see Division 131 in that Schedule.


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